Public Storage Down 0.22% To $238.18 After Earnings Beat

Public Storage (PSA) said after close Monday that it earned $4.33 per share in quarter three 2023.

On the revenue line, the company reported $1.1 billion, missing estimates by $61 million.

In the same quarter a year ago, the company earned $4.13 per share on revenue of $1 billion.

The stock is down 0.22% to $238.18 after the report.

Public Storage's revenue expanded at a faster pace than earnings, signaling a decline in profit margins.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 21. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Public Storage is the largest owner of self-storage facilities in the US with more than 2,800 self-storage facilities in 39 states and approximately 200 million square feet of rentable space. Through equity interests, it also has exposure to the European self-storage market through Shurgard Self Storage and to an additional 28 million net rentable square feet of industrial space in the United States through PS Business Parks.