Q2 2022 Earnings Estimate for Public Storage Issued By KeyCorp (NYSE:PSA)

Public Storage (NYSE:PSAGet Rating) – KeyCorp decreased their Q2 2022 earnings estimates for Public Storage in a research note issued to investors on Wednesday, June 15th. KeyCorp analyst T. Thomas now anticipates that the real estate investment trust will earn $3.86 per share for the quarter, down from their previous forecast 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:PSAGet Rating) last announced 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 business had revenue of $749.27 million during the quarter, compared to analyst estimates of $985.58 million. During the same quarter in the prior year, the company earned $2.82 earnings per share. The company’s quarterly revenue was up 15.8% on a year-over-year basis.

Other equities research analysts also recently issued research reports about the stock. Raymond James lowered their target price on shares of Public Storage from $375.00 to $365.00 in a research note on Monday, May 23rd. Evercore ISI set a $348.00 target price on shares of Public Storage in a research note on Monday. Truist Financial lowered their target price on shares of Public Storage from $425.00 to $385.00 and set a “buy” rating for the company in a research note on Wednesday, June 1st. BMO Capital Markets raised shares of Public Storage from a “market perform” rating to an “outperform” rating and lowered their target price for the company from $410.00 to $370.00 in a research note on Thursday, May 19th. Finally, Morgan Stanley lowered 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 research note on Wednesday, May 25th. Six equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $373.09.

Shares of NYSE PSA opened at $298.54 on Monday. The company’s 50 day simple moving average is $344.30 and its 200 day simple moving average is $357.65. Public Storage has a fifty-two week low of $292.32 and a fifty-two week high of $421.76. The firm has a market capitalization of $52.38 billion, a P/E ratio of 29.01, a P/E/G ratio of 2.73 and a beta of 0.29. The company has a debt-to-equity ratio of 1.39, a current ratio of 2.07 and a quick ratio of 2.07.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend is Tuesday, June 14th. Public Storage’s dividend payout ratio is 77.75%.

A number of institutional investors have recently added to or reduced their stakes in PSA. Norges Bank bought a new position in Public Storage in the fourth quarter valued at $735,608,000. State Street Corp grew its position in Public Storage by 10.3% in the first quarter. State Street Corp now owns 11,667,458 shares of the real estate investment trust’s stock valued at $4,553,576,000 after purchasing an additional 1,085,578 shares in the last quarter. BlackRock Inc. grew its position in Public Storage by 2.7% in the fourth quarter. BlackRock Inc. now owns 17,255,693 shares of the real estate investment trust’s stock valued at $6,463,290,000 after purchasing an additional 456,793 shares in the last quarter. Northern Trust Corp grew its position in Public Storage by 18.2% in the fourth quarter. Northern Trust Corp now owns 2,792,588 shares of the real estate investment trust’s stock valued at $1,045,992,000 after purchasing an additional 430,899 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in Public Storage in the fourth quarter valued at $148,522,000. 78.54% of the stock is owned by institutional investors and hedge funds.

About Public Storage (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.

Read More

Earnings History and Estimates for Public Storage (NYSE:PSA)

Receive News & Ratings for Public Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Storage and related companies with MarketBeat.com's FREE daily email newsletter.