Public Storage (NYSE:PSA) Issues FY24 Earnings Guidance

Public Storage (NYSE:PSA) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $16.50-$16.85 for the period, compared to the consensus estimate of $16.92. Public Storage also updated its FY 2024 guidance to 16.500-16.850 EPS.

Public Storage Trading Up 0.5 %

Public Storage stock traded up $1.57 during trading on Tuesday, reaching $304.37. The company had a trading volume of 533,421 shares, compared to its average volume of 706,553. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market capitalization of $53.49 billion, a price-to-earnings ratio of 27.64, a PEG ratio of 4.38 and a beta of 0.65. Public Storage has a 12-month low of $233.18 and a 12-month high of $314.93. The stock’s 50 day moving average price is $286.98 and its two-hundred day moving average price is $282.50.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were paid a dividend of $3.00 per share. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 3.94%. Public Storage’s dividend payout ratio is presently 108.99%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PSA shares. Evercore ISI lifted their target price on Public Storage from $289.00 to $300.00 and gave the company an in-line rating in a report on Monday, July 15th. Barclays reduced their price objective on Public Storage from $330.00 to $327.00 and set an overweight rating on the stock in a research note on Monday, May 20th. Wells Fargo & Company raised their price target on shares of Public Storage from $310.00 to $320.00 and gave the company an overweight rating in a report on Friday. Finally, Scotiabank lifted their price target on shares of Public Storage from $289.00 to $314.00 and gave the company a sector perform rating in a research report on Friday, July 19th. One analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $310.55.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction on Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the sale, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Kristy Pipes purchased 2,149 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was 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 $599,485.04. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the sale, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The disclosure for this sale can be found here. Insiders own 11.00% of the company’s stock.

Public Storage Company Profile

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.