Public Storage (NYSE:PSA) to Post Q2 2024 Earnings of $4.35 Per Share, Zacks Research Forecasts

Posted by Defense World Staff on Sep 18th, 2023

Public Storage (NYSE:PSA – Free Report) – Equities researchers at Zacks Research reduced their Q2 2024 earnings per share (EPS) estimates for shares of Public Storage in a note issued to investors on Friday, September 15th. Zacks Research analyst N. Dass now expects that the real estate investment trust will earn $4.35 per share for the quarter, down from their prior estimate of $4.41. The consensus estimate for Public Storage’s current full-year earnings is $16.75 per share. Zacks Research also issued estimates for Public Storage’s Q2 2025 earnings at $4.55 EPS.

A number of other brokerages have also issued reports on PSA. Truist Financial decreased their price target on Public Storage from $320.00 to $305.00 and set a “buy” rating for the company in a research note on Tuesday, August 29th. StockNews.com started coverage on Public Storage in a report on Wednesday, August 23rd. They issued a “hold” rating for the company. Stifel Nicolaus reduced their target price on Public Storage from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday, September 13th. Finally, JPMorgan Chase & Co. cut their price objective on Public Storage from $338.00 to $324.00 in a report on Tuesday, June 13th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $317.20.

View Our Latest Stock Report on Public Storage

Public Storage Stock Down 0.7 %

PSA opened at $274.11 on Monday. Public Storage has a 12 month low of $266.01 and a 12 month high of $316.48. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.28 and a quick ratio of 1.28. The stock has a market cap of $48.20 billion, a P/E ratio of 11.87, a P/E/G ratio of 3.45 and a beta of 0.46. The stock’s 50 day moving average price is $282.27 and its 200 day moving average price is $288.52.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.38%. The ex-dividend date of this dividend is Tuesday, September 12th. Public Storage’s dividend payout ratio (DPR) is presently 51.97%.

Institutional Investors Weigh In On Public Storage

A number of institutional investors have recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. bought a new position in shares of Public Storage in the first quarter valued at approximately $26,000. Pinnacle Bancorp Inc. grew its holdings in Public Storage by 200.0% during the 2nd quarter. Pinnacle Bancorp Inc. now owns 90 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 60 shares during the period. GPS Wealth Strategies Group LLC acquired a new position in shares of Public Storage in the 1st quarter valued at $29,000. BerganKDV Wealth Management LLC grew its holdings in shares of Public Storage by 4,900.0% in the 1st quarter. BerganKDV Wealth Management LLC now owns 100 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 98 shares during the period. Finally, Aspire Private Capital LLC acquired a new position in shares of Public Storage in the 1st quarter valued at $30,214,000,000. 78.75% of the stock is owned by institutional investors and hedge funds.

About Public Storage

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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 June 30, 2023, we had: (i) interests in 2,888 self-storage facilities located in 40 states with approximately 206 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 266 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.