Zacks Research Forecasts Reduced Earnings for Public Storage

Public Storage (NYSE:PSA) – Zacks Research cut their FY2024 earnings per share (EPS) estimates for shares of Public Storage in a report issued on Wednesday, November 20th. Zacks Research analyst R. Department now expects that the real estate investment trust will post earnings of $16.68 per share for the year, down from their previous estimate of $16.71. The consensus estimate for Public Storage’s current full-year earnings is $16.73 per share. Zacks Research also issued estimates for Public Storage’s Q4 2024 earnings at $4.22 EPS, Q2 2025 earnings at $4.38 EPS and Q4 2025 earnings at $4.35 EPS.

A number of other brokerages have also weighed in on PSA. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Wells Fargo & Company decreased their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Royal Bank of Canada dropped their price objective on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Jefferies Financial Group lifted their price objective on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Evercore ISI reduced their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $339.64.

Public Storage Stock Performance

NYSE PSA opened at $337.58 on Friday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The stock’s 50 day simple moving average is $343.82 and its 200-day simple moving average is $316.69. The company has a market cap of $59.11 billion, a PE ratio of 35.06, a price-to-earnings-growth ratio of 5.59 and a beta of 0.70. Public Storage has a 1-year low of $251.49 and a 1-year high of $369.99.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.55%. The ex-dividend date is Friday, December 13th. Public Storage’s payout ratio is 124.61%.

Hedge Funds Weigh In On Public Storage

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp boosted its stake in shares of Public Storage by 0.5% in the third quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock valued at $3,773,571,000 after purchasing an additional 55,123 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Public Storage by 4.2% in the 1st 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 buying an additional 219,391 shares during the period. FMR LLC boosted its position in Public Storage by 20.9% in the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after buying an additional 869,066 shares during the period. Geode Capital Management LLC grew its stake in shares of Public Storage by 1.4% in the third quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust’s stock worth $1,425,941,000 after acquiring an additional 52,807 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Public Storage by 2.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust’s stock valued at $1,023,080,000 after acquiring an additional 54,992 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

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.