Zacks Research Forecasts Reduced Earnings for Public Storage

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

A number of other equities analysts have also issued reports on the company. Barclays decreased their price objective on Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a report on Tuesday, November 12th. Morgan Stanley increased their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Wells Fargo & Company dropped their target price on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Jefferies Financial Group increased their price target on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Citigroup boosted their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $339.64.

Public Storage Trading Up 1.3 %

NYSE PSA opened at $337.24 on Friday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a one year low of $251.49 and a one year high of $369.99. The company has a 50-day simple moving average of $344.25 and a 200-day simple moving average of $315.91. The firm has a market capitalization of $59.05 billion, a PE ratio of 35.02, a price-to-earnings-growth ratio of 5.56 and a beta of 0.70.

Institutional Trading of Public Storage

A number of institutional investors and hedge funds have recently made changes to their positions in PSA. Manning & Napier Advisors LLC bought a new stake in shares of Public Storage during the 2nd quarter worth $14,301,000. Allspring Global Investments Holdings LLC boosted its holdings in Public Storage by 1.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock valued at $51,762,000 after acquiring an additional 2,605 shares during the period. PGGM Investments grew its position in shares of Public Storage by 8.0% in the second quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after purchasing an additional 12,396 shares during the last quarter. Swedbank AB acquired a new stake in shares of Public Storage in the first quarter valued at about $17,465,000. Finally, Massmutual Trust Co. FSB ADV increased its stake in shares of Public Storage by 15.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 20,566 shares of the real estate investment trust’s stock worth $5,916,000 after purchasing an additional 2,770 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.56%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio is 124.61%.

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.