Public Storage FY2024 EPS Forecast Reduced by Zacks Research

Public Storage (NYSE:PSA) – Investment analysts at Zacks Research dropped their FY2024 earnings estimates for shares of Public Storage in a report released on Wednesday, November 20th. Zacks Research analyst R. Department now expects that the real estate investment trust will earn $16.68 per share for the year, down from their prior forecast 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.

Other analysts have also issued reports about the stock. Evercore ISI decreased 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 report on Monday, October 14th. Morgan Stanley boosted their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Barclays decreased their price objective on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a report on Tuesday, November 12th. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a report on Thursday, August 1st. Finally, Royal Bank of Canada reduced their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $339.64.

Public Storage Stock Performance

Shares of PSA opened at $337.62 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 company has a market capitalization of $59.12 billion, a PE ratio of 35.06, a price-to-earnings-growth ratio of 5.56 and a beta of 0.70. The company’s fifty day moving average price is $343.82 and its 200 day moving average price is $316.39. Public Storage has a one year low of $251.49 and a one year high of $369.99.

Institutional Trading of Public Storage

Institutional investors have recently added to or reduced their stakes in the business. OFI Invest Asset Management purchased a new stake in shares of Public Storage during the second quarter worth about $32,000. Prospera Private Wealth LLC purchased a new stake in shares of Public Storage during the third quarter worth about $34,000. Opal Wealth Advisors LLC purchased a new stake in shares of Public Storage during the second quarter worth about $36,000. Ashton Thomas Securities LLC purchased a new stake in shares of Public Storage during the third quarter worth about $38,000. Finally, EdgeRock Capital LLC purchased a new stake in shares of Public Storage during the second quarter worth about $39,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Announces Dividend

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

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.