Public Storage (NYSE:PSA) Releases FY 2024 Earnings Guidance

Public Storage (NYSE:PSA) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 16.500-16.850 for the period, compared to the consensus estimate of 16.910. The company issued revenue guidance of -. Public Storage also updated its FY24 guidance to $16.50-$16.85 EPS.

Public Storage Stock Up 0.5 %

Shares of NYSE:PSA traded up $1.57 during midday trading on Tuesday, reaching $304.37. The company had a trading volume of 533,421 shares, compared to its average volume of 706,572. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. The business’s 50 day moving average price is $286.98 and its 200 day moving average price is $282.50. The stock has a market cap of $53.49 billion, a PE ratio of 27.64, a P/E/G ratio of 4.38 and a beta of 0.65. Public Storage has a 1-year low of $233.18 and a 1-year high of $314.93.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date was Wednesday, June 12th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, Director Kristy Pipes purchased 2,149 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the purchase, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Kristy Pipes purchased 2,149 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the purchase, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the sale, the insider now owns 3,214 shares of the company’s stock, valued at $881,568.06. The disclosure for this sale can be found here. 11.00% of the stock is owned by company insiders.

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.