Based in Glendale, California, Public Storage (PSA) is a leading provider of self-storage solutions, renowned for its extensive portfolio of storage facilities across the U.S. and Europe. With a market cap of $53.01 billion, Public Storage is recognized for its innovation, operational excellence, and commitment to delivering secure and convenient storage options. Public Storage is scheduled to announce its fiscal Q2 earnings results before the market opens on Wednesday, Jul. 31.
Ahead of the event, analysts expect PSA to report funds from operations (FFO) of $4.22 per share, down 1.4% from $4.28 in the year-ago quarter. In the last four quarters, the company has surpassed Wall Street’s bottom-line estimates in three and missed on another occasion.
Public Storage's adjusted FFO of $4.03 per share for the last quarter missed the consensus estimate marginally. Strong growth in ancillary operations drove Public Storage's performance last quarter.
For fiscal 2024, analysts expect PSA to report an FFO of $16.90, up marginally from $16.89 in fiscal 2023.
PSA stock is down 1.1% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 15.4% gains and the iShares Global REIT ETF’s (REET) 1.1% returns over the same time frame.
PSA reported Q1 earnings on Apr. 30. Revenue for the period was $1.16 billion, exceeding analysts' forecasts of $1.15 billion. PSA shares declined 1.3% after the company released its earnings report.
The consensus opinion on PSA stock is optimistic, with an overall “Moderate Buy” rating. Out of 17 analysts covering the stock, 11 advise a “Strong Buy” rating, five suggest a “Hold” rating, and one suggests a "Strong Sell.” PSA's average analyst price target is $309.53, indicating a potential upside of 2.6% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
