Q3 2024 Earnings Forecast for Public Storage (NYSE:PSA) Issued By Zacks Research

Public Storage (NYSE:PSA) – Research analysts at Zacks Research cut their Q3 2024 EPS estimates for Public Storage in a research note issued on Tuesday, May 21st. Zacks Research analyst R. Department now anticipates that the real estate investment trust will post earnings of $4.30 per share for the quarter, down from their previous forecast of $4.31. The consensus estimate for Public Storage’s current full-year earnings is $16.91 per share. Zacks Research also issued estimates for Public Storage’s Q4 2024 earnings at $4.25 EPS, Q2 2025 earnings at $4.41 EPS, Q4 2025 earnings at $4.44 EPS, Q1 2026 earnings at $4.39 EPS and FY2026 earnings at $18.18 EPS.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a return on equity of 36.17% and a net margin of 45.62%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the firm posted $4.16 EPS. Public Storage’s quarterly revenue was up 6.6% on a year-over-year basis.

Other equities analysts have also recently issued reports about the stock. BMO Capital Markets upped their price objective on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a research report on Thursday, March 28th. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $280.00 to $310.00 in a research report on Friday, April 5th. Deutsche Bank Aktiengesellschaft assumed coverage on Public Storage in a report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price target on the stock. Finally, Scotiabank raised their price objective on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a report on Monday, March 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $304.75.

Public Storage Stock Down 0.7 %

Shares of NYSE PSA opened at $272.39 on Thursday. The stock has a 50-day moving average price of $274.82 and a two-hundred day moving average price of $279.08. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59. The company has a market cap of $47.87 billion, a price-to-earnings ratio of 24.74, a PEG ratio of 3.95 and a beta of 0.57.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.41%. The ex-dividend date is Wednesday, June 12th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Insider Buying and Selling

In other news, Director Kristy Pipes purchased 2,149 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were acquired at an average price of $278.96 per share, with a total value of $599,485.04. Following the completion of the transaction, the director now owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 11.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in Public Storage by 4.1% in the 3rd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,097 shares of the real estate investment trust’s stock valued at $289,000 after buying an additional 43 shares in the last quarter. Larson Financial Group LLC purchased a new position in Public Storage during the 3rd quarter worth $76,000. Truepoint Inc. bought a new stake in shares of Public Storage in the 3rd quarter worth $241,000. US Bancorp DE grew its stake in shares of Public Storage by 4.0% in the 3rd quarter. US Bancorp DE now owns 46,092 shares of the real estate investment trust’s stock worth $12,106,000 after acquiring an additional 1,758 shares in the last quarter. Finally, MGO One Seven LLC raised its holdings in shares of Public Storage by 31.4% in the third quarter. MGO One Seven LLC now owns 1,223 shares of the real estate investment trust’s stock valued at $322,000 after purchasing an additional 292 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

About Public Storage

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.