Glendale, California-based Public Storage (PSA) acquires, develops, owns, and operates self-storage facilities, which offer storage spaces for lease on a month-to-month basis, for personal and business use. With a market cap of $51 billion, the company is the largest owner and operator of self-storage facilities in the United States.
PSA is scheduled to report its Q2 earnings on Tuesday, July 29. Ahead of the event, analysts expect the company to report an AFFO of $4.23 per share, flat year-over-year from the same quarter last year. The company has surpassed Wall Street's bottom-line estimates in two of the past four quarters, while missing on two occasions.
For the current year, analysts expect PSA to report an AFFO of $16.85, up 1.1% from $16.67 in fiscal 2024. Moreover, the AFFO is expected to rise 4% annually to $17.52 in FY 2026.
PSA stock has remained unchanged over the past 52 weeks, underperforming the Real Estate Select Sector SPDR Fund’s (XLRE) 7.8% surge and the S&P 500 Index’s ($SPX) 12.3% uptick during the same time frame.
On Apr. 30, shares of PSA jumped 2.5% following the release of its Q1 earnings. The company’s revenue of $1.2 billion increased 2.2% year-over-year and surpassed the Street’s estimates. Moreover, its adjusted FFO also rose 2.2% from the prior year’s quarter to $4.12 and surpassed the consensus estimates by 1.5%.
Wall Street analysts are somewhat bullish about PSA’s stock, with a "Moderate Buy" rating overall. Among 20 analysts covering the stock, 13 recommend "Strong Buy" and seven suggest a “Hold.” PSA’s average analyst price target of $333.72 indicates a potential upside of 15.5% from the current levels.
On the date of publication, Kritika Sarmah 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.
