Public Storage (NYSE:PSA) Posts Earnings Results, Misses Expectations By $1.63 EPS

Public Storage (NYSE:PSA) announced its quarterly earnings results on Thursday. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.23 by ($1.63), reports. Public Storage had a return on equity of 36.09% and a net margin of 39.53%.The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.21 billion.

Public Storage Trading Up 0.3%

NYSE:PSA traded up $0.83 on Thursday, reaching $294.67. 2,149,216 shares of the company’s stock were exchanged, compared to its average volume of 1,190,106. The firm has a market capitalization of $51.70 billion, a price-to-earnings ratio of 30.60, a price-to-earnings-growth ratio of 9.90 and a beta of 1.01. Public Storage has a 52-week low of $256.54 and a 52-week high of $322.49. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 1.99. The business has a fifty day moving average of $274.35 and a 200-day moving average of $281.89.

Institutional Investors Weigh In On Public Storage

Several large investors have recently added to or reduced their stakes in PSA. Harvest Fund Management Co. Ltd acquired a new stake in Public Storage during the 3rd quarter worth approximately $27,000. Wealth Watch Advisors INC purchased a new stake in shares of Public Storage during the third quarter worth $34,000. Raiffeisen Bank International AG raised its stake in shares of Public Storage by 35.2% in the fourth quarter. Raiffeisen Bank International AG now owns 142 shares of the real estate investment trust’s stock valued at $37,000 after acquiring an additional 37 shares in the last quarter. Palisade Asset Management LLC purchased a new position in Public Storage in the third quarter valued at $45,000. Finally, Triumph Capital Management acquired a new position in Public Storage during the 3rd quarter worth $128,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Public Storage in a research note on Thursday, January 22nd. Morgan Stanley assumed coverage on Public Storage in a report on Friday, December 5th. They set an “equal weight” rating and a $290.00 price target for the company. Mizuho reduced their price objective on shares of Public Storage from $310.00 to $285.00 and set a “neutral” rating on the stock in a report on Friday, December 5th. Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $310.00 target price on the stock. in a research report on Thursday, February 5th. Finally, Wolfe Research cut shares of Public Storage from an “outperform” rating to a “peer perform” rating in a research report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $306.63.

Public Storage Company Profile

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.