Public Storage (NYSE:PSA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “Public Storage is experiencing rising supply in some of its markets, which is affecting the demand for its properties. Further, the company has a significant development and refurbishment pipeline that increases the operational risks and exposes the company to rising construction costs and entitlement delays. Further, any hike in interest rate can also pose a challenge for the company. Nevertheless, the company is a recognized and established name in the self-storage industry in the U.S. Its strong presence in key cities serves as a growth driver. Acquisition initiatives have also the capability to propagate growth.”
PSA has been the topic of a number of other research reports. KeyCorp dropped their price target on shares of Public Storage from $220.00 to $205.00 and set an “underweight” rating on the stock in a research report on Monday, September 12th. Cantor Fitzgerald restated a “hold” rating on shares of Public Storage in a research report on Friday, August 26th. Evercore ISI upgraded shares of Public Storage from a “sell” rating to a “hold” rating and set a $228.00 price target on the stock in a research report on Monday, August 22nd. FBR & Co reiterated a “marketperform” rating and set a $250.00 target price on shares of Public Storage in a research report on Wednesday, June 22nd. Finally, Bank of America Corp. downgraded shares of Public Storage from a “buy” rating to a “neutral” rating in a research report on Thursday, August 11th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $243.24.
Public Storage (NYSE:PSA) opened at 225.83 on Tuesday. The stock has a 50 day moving average of $223.41 and a 200-day moving average of $247.55. Public Storage has a 12 month low of $210.87 and a 12 month high of $277.60. The company has a market cap of $39.16 billion, a P/E ratio of 35.74 and a beta of 0.68.
Public Storage (NYSE:PSA) last issued its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $2.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.40 by $0.06. The firm earned $634.20 million during the quarter, compared to analyst estimates of $607.28 million. Public Storage had a return on equity of 25.44% and a net margin of 52.53%. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter last year, the firm posted $2.17 EPS. Equities research analysts expect that Public Storage will post $9.64 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, September 14th will be given a dividend of $1.80 per share. The ex-dividend date of this dividend is Monday, September 12th. This represents a $7.20 annualized dividend and a yield of 3.19%. Public Storage’s payout ratio is currently 113.92%.
In related news, insider John Reyes sold 30,000 shares of the stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $215.41, for a total transaction of $6,462,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 14.20% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Washington Trust Bank raised its position in Public Storage by 7.4% in the second quarter. Washington Trust Bank now owns 420 shares of the real estate investment trust’s stock valued at $107,000 after buying an additional 29 shares during the last quarter. Global X Management Co. LLC raised its position in Public Storage by 23.4% in the second quarter. Global X Management Co. LLC now owns 501 shares of the real estate investment trust’s stock valued at $128,000 after buying an additional 95 shares during the last quarter. Quadrant Capital Group LLC raised its position in Public Storage by 1.2% in the second quarter. Quadrant Capital Group LLC now owns 516 shares of the real estate investment trust’s stock valued at $127,000 after buying an additional 6 shares during the last quarter. WFG Advisors LP raised its position in Public Storage by 0.6% in the second quarter. WFG Advisors LP now owns 520 shares of the real estate investment trust’s stock valued at $133,000 after buying an additional 3 shares during the last quarter. Finally, Capital Advisors Ltd. LLC raised its position in Public Storage by 35.4% in the second quarter. Capital Advisors Ltd. LLC now owns 555 shares of the real estate investment trust’s stock valued at $142,000 after buying an additional 145 shares during the last quarter. Institutional investors own 77.98% of the company’s stock.
Public Storage Company Profile
Public Storage is a real estate investment trust. The Company’s business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space.
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