Public Storage (NYSE:PSA) Announces Earnings Results

Public Storage (NYSE:PSA) announced its earnings results on Monday. The real estate investment trust reported $4.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.23 by ($0.02), Zacks reports. Public Storage had a net margin of 40.54% and a return on equity of 34.07%.

Public Storage Price Performance

NYSE PSA traded down $1.86 during trading hours on Monday, hitting $302.33. The company had a trading volume of 1,061,342 shares, compared to its average volume of 633,674. The firm has a 50 day simple moving average of $298.12 and a 200 day simple moving average of $325.59. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The firm has a market capitalization of $52.94 billion, a price-to-earnings ratio of 31.39, a PEG ratio of 4.91 and a beta of 0.74. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Analyst Ratings Changes

A number of research firms recently issued reports on PSA. Barclays decreased their price objective on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Truist Financial increased their target price on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Royal Bank of Canada lowered their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and increased their price objective for the company from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Wells Fargo & Company lowered their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $341.85.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the transaction, the insider now owns 2,364 shares of the company’s stock, valued at $751,728.36. This represents a 15.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 11.00% of the company’s stock.

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.