KeyCorp Brokers Cut Earnings Estimates for Public Storage (NYSE:PSA)
Public Storage (NYSE:PSA – Get Rating) – Stock analysts at KeyCorp decreased their Q2 2022 earnings estimates for Public Storage in a research report issued to clients and investors on Wednesday, June 15th. KeyCorp analyst T. Thomas now forecasts that the real estate investment trust will post earnings of $3.86 per share for the quarter, down from their previous 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 released its quarterly earnings data on Tuesday, May 3rd. The real estate investment trust reported $2.63 earnings per share for the quarter, missing the consensus estimate of $3.59 by ($0.96). Public Storage had a net margin of 54.79% and a return on equity of 38.01%. The company had revenue of $749.27 million for the quarter, compared to analysts’ expectations of $985.58 million. During the same period in the previous year, the firm earned $2.82 earnings per share. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis.
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Several other research analysts have also recently weighed in on the stock. BMO Capital Markets raised shares of Public Storage from a “market perform” rating to an “outperform” rating and decreased their price objective for the company from $410.00 to $370.00 in a report on Thursday, May 19th. Morgan Stanley reduced their target price on shares of Public Storage from $357.00 to $298.00 and set an “equal weight” rating for the company in a report on Wednesday, May 25th. Raymond James reduced their target price on shares of Public Storage from $375.00 to $365.00 in a report on Monday, May 23rd. JPMorgan Chase & Co. upped their target price on shares of Public Storage from $385.00 to $434.00 and gave the company an “overweight” rating in a report on Monday, April 4th. Finally, Truist Financial reduced their target price on shares of Public Storage from $425.00 to $385.00 and set a “buy” rating for the company in a report on Wednesday, June 1st. Six equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $372.91.
PSA opened at $298.54 on Monday. 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 firm has a 50 day moving average price of $346.36 and a 200-day moving average price of $357.90. Public Storage has a twelve month low of $292.32 and a twelve month high of $421.76. The stock has a market capitalization of $52.38 billion, a price-to-earnings ratio of 29.01, a PEG ratio of 2.73 and a beta of 0.29.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Wednesday, June 15th will be given a $2.00 dividend. The ex-dividend date is Tuesday, June 14th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.68%. Public Storage’s payout ratio is currently 77.75%.
Large investors have recently modified their holdings of the stock. New York State Teachers Retirement System boosted its position in shares of Public Storage by 0.5% during the fourth quarter. New York State Teachers Retirement System now owns 184,864 shares of the real estate investment trust’s stock worth $69,243,000 after acquiring an additional 954 shares during the last quarter. NorthRock Partners LLC raised its stake in Public Storage by 15.0% during the fourth 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 in the last quarter. Hartford Investment Management Co. raised its stake in Public Storage by 8.3% during the fourth 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 in the last quarter. LPL Financial LLC raised its stake in Public Storage by 4.0% during the fourth 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 in the last quarter. Finally, Capital Analysts LLC raised its stake in Public Storage by 50.7% during the fourth 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 in the last quarter. Hedge funds and other institutional investors own 78.54% of the company’s stock.
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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