Public Storage (NYSE:PSA) Issues Quarterly Earnings Results

Public Storage (NYSE:PSA) announced its quarterly earnings results on Monday. The real estate investment trust reported $4.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.49 by $1.85, Zacks reports. Public Storage had a return on equity of 40.98% and a net margin of 41.80%. The business had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.34 billion.

Public Storage Stock Performance

Shares of Public Storage stock traded down $2.95 during trading on Monday, reaching $306.94. The company’s stock had a trading volume of 880,175 shares, compared to its average volume of 1,054,857. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 2.06. The business’s 50-day moving average price is $299.38 and its 200-day moving average price is $308.38. Public Storage has a 52 week low of $256.54 and a 52 week high of $335.55. The firm has a market cap of $53.90 billion, a PE ratio of 29.29, a P/E/G ratio of 4.63 and a beta of 0.94.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 6th. Stockholders of record on Tuesday, September 15th were given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Tuesday, September 15th. Public Storage’s payout ratio is presently 114.50%.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 1,414 shares of the business’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $327.53, for a total value of $463,127.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 11.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PSA. Mizuho increased their price objective on shares of Public Storage from $316.00 to $319.00 and gave the company a “neutral” rating in a research report on Wednesday, September 2nd. Evercore set a $308.00 target price on shares of Public Storage in a report on Monday, September 21st. Wells Fargo & Company set a $311.00 target price on shares of Public Storage in a report on Tuesday, September 1st. JPMorgan Chase & Co. decreased their price target on shares of Public Storage from $338.00 to $330.00 and set a “neutral” rating on the stock in a research note on Monday, September 21st. Finally, Truist Financial began coverage on shares of Public Storage in a report on Friday, October 2nd. They issued a “buy” rating and a $317.00 price target on the stock. Seven research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $323.42.

About Public Storage

Public Storage (NYSE: PSA) is a real estate investment trust focused on the ownership, operation and development of self-storage facilities. The company rents storage units to residential and business customers, offering solutions for household belongings, commercial inventory, records, vehicles and other personal property. Many locations provide features such as climate-controlled units, electronic access, online reservations and moving and packing supplies.

Founded in 1972, Public Storage has grown into one of the largest self-storage operators in the United States.