Public Storage to Post Q3 2024 Earnings of $4.26 Per Share, KeyCorp Forecasts (NYSE:PSA)

Public Storage (NYSE:PSA) – Stock analysts at KeyCorp issued their Q3 2024 earnings per share (EPS) estimates for Public Storage in a note issued to investors on Sunday, September 8th. KeyCorp analyst T. Thomas forecasts that the real estate investment trust will post earnings of $4.26 per share for the quarter. The consensus estimate for Public Storage’s current full-year earnings is $16.72 per share. KeyCorp also issued estimates for Public Storage’s Q4 2024 earnings at $4.25 EPS, FY2024 earnings at $16.78 EPS and FY2025 earnings at $17.57 EPS.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the business posted $4.28 EPS. The business’s revenue was down 1.0% on a year-over-year basis.

A number of other research analysts have also recently issued reports on the company. Citigroup lifted their target price on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research report on Thursday, August 1st. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a report on Monday, August 5th. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Scotiabank upped their target price on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $326.21.

Public Storage Trading Up 2.2 %

Shares of PSA stock opened at $359.12 on Wednesday. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $361.23. The company has a market cap of $62.85 billion, a PE ratio of 32.62, a P/E/G ratio of 5.72 and a beta of 0.67. The stock’s fifty day moving average price is $315.94 and its two-hundred day moving average price is $291.42.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a $3.00 dividend. The ex-dividend date is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.34%. Public Storage’s dividend payout ratio (DPR) is currently 108.99%.

Institutional Investors Weigh In On Public Storage

Large investors have recently modified their holdings of the company. Norges Bank bought a new stake in Public Storage during the fourth quarter valued at $821,151,000. Daiwa Securities Group Inc. increased its position in Public Storage by 86.8% in the 1st quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock valued at $187,137,000 after buying an additional 299,826 shares in the last quarter. Canada Pension Plan Investment Board increased its position in Public Storage by 34.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock valued at $319,270,000 after buying an additional 281,800 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Public Storage by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after acquiring an additional 219,391 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Public Storage by 1.0% during the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after purchasing an additional 217,487 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

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.