KeyCorp Comments on Public Storage’s Q2 2022 Earnings (NYSE:PSA)

Public Storage (NYSE:PSA – Get Rating) – Equities research analysts at KeyCorp reduced their Q2 2022 earnings per share estimates for shares of Public Storage in a report issued on Wednesday, June 15th. KeyCorp analyst T. Thomas now expects that the real estate investment trust will post earnings of $3.86 per share for the quarter, down from their prior estimate of $3.92. The consensus estimate for Public Storage’s current full-year earnings is $15.52 per share. KeyCorp also issued estimates for Public Storage’s Q3 2022 earnings at $4.01 EPS, Q4 2022 earnings at $4.10 EPS, FY2022 earnings at $15.60 EPS, Q1 2023 earnings at $4.20 EPS, Q2 2023 earnings at $4.38 EPS, Q3 2023 earnings at $4.45 EPS, Q4 2023 earnings at $4.46 EPS and FY2023 earnings at $17.50 EPS.

Public Storage (NYSE:PSA – Get Rating) last announced its earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 EPS for the quarter, missing analysts’ consensus estimates of $3.59 by ($0.96). Public Storage had a return on equity of 38.01% and a net margin of 54.79%. The company had revenue of $749.27 million during the quarter, compared to analysts’ expectations of $985.58 million. During the same quarter last year, the firm posted $2.82 EPS. Public Storage’s revenue for the quarter was up 15.8% compared to the same quarter last year.

PSA has been the subject of a number of other research reports. Truist Financial dropped their price objective on Public Storage from $425.00 to $385.00 and set a “buy” rating for the company in a report on Wednesday, June 1st. Morgan Stanley dropped their price objective on Public Storage from $357.00 to $298.00 and set an “equal weight” rating for the company in a report on Wednesday, May 25th. JPMorgan Chase & Co. boosted their price objective on Public Storage from $385.00 to $434.00 and gave the company an “overweight” rating in a report on Monday, April 4th. Raymond James lowered their target price on Public Storage from $375.00 to $365.00 in a report on Monday, May 23rd. Finally, BMO Capital Markets upgraded Public Storage from a “market perform” rating to an “outperform” rating and lowered their target price for the stock from $410.00 to $370.00 in a report on Thursday, May 19th. Six equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $372.00.

PSA opened at $302.09 on Monday. The business has a fifty day moving average of $342.20 and a 200 day moving average of $357.26. Public Storage has a 52-week low of $292.32 and a 52-week high of $421.76. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 1.39. The stock has a market cap of $53.01 billion, a P/E ratio of 29.36, a PEG ratio of 2.73 and a beta of 0.29.

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Tuesday, June 14th. Public Storage’s payout ratio is 77.75%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. New York State Teachers Retirement System increased its position in Public Storage by 0.5% during the 4th quarter. New York State Teachers Retirement System now owns 184,864 shares of the real estate investment trust’s stock valued at $69,243,000 after buying an additional 954 shares in the last quarter. NorthRock Partners LLC grew its stake in Public Storage by 15.0% during the 4th quarter. NorthRock Partners LLC now owns 906 shares of the real estate investment trust’s stock valued at $339,000 after purchasing an additional 118 shares during the last quarter. Hartford Investment Management Co. grew its stake in Public Storage by 8.3% during the 4th quarter. Hartford Investment Management Co. now owns 15,588 shares of the real estate investment trust’s stock valued at $5,839,000 after purchasing an additional 1,200 shares during the last quarter. LPL Financial LLC grew its stake in Public Storage by 4.0% during the 4th quarter. LPL Financial LLC now owns 59,444 shares of the real estate investment trust’s stock valued at $22,265,000 after purchasing an additional 2,262 shares during the last quarter. Finally, Capital Analysts LLC grew its stake in Public Storage by 50.7% during the 4th quarter. Capital Analysts LLC now owns 306 shares of the real estate investment trust’s stock valued at $114,000 after purchasing an additional 103 shares during the last quarter. 78.54% of the stock is owned by hedge funds and other institutional investors.

Public Storage Company Profile (Get Rating)

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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020.

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