Public Storage (NYSE:PSA) Releases Earnings Results, Beats Expectations By $1.85 EPS

Key Points

• Public Storage exceeded earnings expectations, reporting quarterly EPS of $4.34 versus the $2.49 consensus estimate. Revenue totaled $1.37 billion, slightly above analysts’ $1.34 billion forecast.
• The company paid a quarterly dividend of $3.00 per share, equivalent to $12.00 annually and a 3.9% yield; its dividend payout ratio was 114.5%.
• Shares traded around $306.94 after declining $2.95, while analysts maintained an overall “Hold” rating with a consensus price target of $323.42.

Public Storage (NYSE:PSA - Get Free Report) issued its quarterly earnings results on Monday. The real estate investment trust reported $4.34 EPS for the quarter, beating analysts' consensus estimates of $2.49 by $1.85, Zacks reports. The company had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.34 billion. Public Storage had a return on equity of 40.98% and a net margin of 41.80%.

Public Storage Stock Performance

Shares of PSA traded down $2.95 during midday trading on Monday, reaching $306.94. The stock had a trading volume of 880,175 shares, compared to its average volume of 1,054,857. The firm has a 50 day simple moving average of $299.38 and a 200-day simple moving average of $308.38. Public Storage has a one year low of $256.54 and a one year 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. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 2.06.

Public Storage Announces Dividend

The company also recently disclosed 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 dividend payout ratio (DPR) is 114.50%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Raymond James Financial assumed coverage on Public Storage in a research report on Thursday, July 16th. They issued a "market perform" rating on the stock. JPMorgan Chase & Co. decreased their target price on shares of Public Storage from $338.00 to $330.00 and set a "neutral" rating for the company in a research report on Monday, September 21st. Truist Financial initiated coverage on shares of Public Storage in a research note on Friday, October 2nd. They issued a "buy" rating and a $317.00 price target on the stock. Mizuho boosted their price target on shares of Public Storage from $316.00 to $319.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 2nd. Finally, Barclays increased their price objective on shares of Public Storage from $350.00 to $351.00 and gave the stock an "equal weight" rating in a research note on Thursday, September 10th. Seven research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat.com, Public Storage presently has an average rating of "Hold" and a consensus price target of $323.42.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 1,414 shares of the firm'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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 11.10% of the company's stock.

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.

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