Shares of Public Storage (NYSE:PSA) have been given a consensus recommendation of “Hold” by the eighteen brokerages that are currently covering the stock. Four equities research analysts have rated the stock with a sell recommendation, eleven have issued a hold recommendation and two have given a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $243.57.
A number of analysts have recently issued reports on the company. Bank of America Corp. cut Public Storage from a “buy” rating to a “neutral” rating in a research report on Thursday, August 11th. KeyCorp cut Public Storage from a “sector weight” rating to an “underweight” rating and set a $230.00 price objective for the company. in a research report on Friday, July 15th. Evercore ISI raised Public Storage from a “sell” rating to a “hold” rating and set a $228.00 price objective for the company 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 note on Wednesday, June 22nd. Finally, Jefferies Group lowered their target price on Public Storage from $270.00 to $245.00 and set a “hold” rating on the stock in a research note on Wednesday, August 10th.
In related news, insider John Reyes sold 30,000 shares of the firm’s stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $215.41, for a total transaction of $6,462,300.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 14.20% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Washington Trust Bank increased its stake 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 period. Quadrant Capital Group LLC increased its stake 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 period. Global X Management Co. LLC increased its stake 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 period. WFG Advisors LP increased its stake 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 period. Finally, Capital Advisors Ltd. LLC increased its stake 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 period. 77.98% of the stock is currently owned by institutional investors.
Public Storage (NYSE:PSA) opened at 214.20 on Friday. The firm has a market cap of $37.14 billion, a price-to-earnings ratio of 33.90 and a beta of 0.61. The firm has a 50-day moving average price of $218.86 and a 200-day moving average price of $243.41. Public Storage has a 1-year low of $207.06 and a 1-year high of $277.60.
Public Storage (NYSE:PSA) last released its quarterly earnings data 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. Public Storage had a net margin of 52.53% and a return on equity of 25.44%. The business earned $634.20 million during the quarter, compared to analyst estimates of $607.28 million. During the same period in the previous year, the business earned $2.17 earnings per share. The business’s quarterly revenue was up 7.9% on a year-over-year basis. On average, analysts expect that Public Storage will post $9.64 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Wednesday, September 14th were issued a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a dividend yield of 3.36%. The ex-dividend date of this dividend was Monday, September 12th. Public Storage’s dividend payout ratio (DPR) is 113.92%.
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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