Public Storage Rating Reiterated by Zacks (PSA)
Public Storage (NYSE:PSA)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Tuesday, StockRatingsNetwork.com reports. They currently have a $158.00 price target on the stock. Zacks‘ price objective suggests a potential upside of 5.43% from the company’s current price.
Zacks‘ analyst wrote, “Public Storage’s core FFO per share exceeded the Zacks Consensus Estimate and the prior-year quarter figure driven by improved property operations leading to a surge in net operating income and acquisition of a significant number of self-storage facilities since Jan 2012. In addition, the company announced a 12% hike in its quarterly dividend rate. We are encouraged with the better-than-expected results at Public Storage. Moreover, the dividend hike boosts investors’ confidence in the stock. The company’s acquisition initiatives helped it carve a niche in the U.S and the European market. Furthermore, the Public Storage’ brand is widely recognized in the self-storage industry. It also has one of the strongest balance sheets in the sector with adequate liquidity and a major part of its portfolio comprises unencumbered assets. Yet, the performance of the company’s European business is currently discouraging and its significant construction pipeline increases operational risks.”
Public Storage (NYSE:PSA) traded down 0.11% during mid-day trading on Tuesday, hitting $149.86. The stock had a trading volume of 633,078 shares. Public Storage has a 1-year low of $144.69 and a 1-year high of $176.68. The stock has a 50-day moving average of $152.0 and a 200-day moving average of $158.5. The company has a market cap of $25.786 billion and a P/E ratio of 31.91.
Public Storage (NYSE:PSA) last announced its earnings results on Friday, November 1st. The company reported $1.92 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.88 by $0.04. The company had revenue of $441.01 million for the quarter, compared to the consensus estimate of $474.70 million. During the same quarter last year, the company posted $1.73 earnings per share. Public Storage’s revenue was up 7.3% compared to the same quarter last year. On average, analysts predict that Public Storage will post $7.40 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on PSA. Analysts at BMO Capital Markets downgraded shares of Public Storage from a “market perform” rating to an “underperform” rating in a research note to investors on Tuesday, December 17th. They now have a $140.00 price target on the stock, down previously from $157.00. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of Public Storage from $172.00 to $178.00 in a research note to investors on Friday, November 1st. They now have an “overweight” rating on the stock. Finally, analysts at Barclays raised their price target on shares of Public Storage from $168.00 to $184.00 in a research note to investors on Tuesday, October 22nd. They now have an “overweight” rating on the stock. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company. Public Storage presently has an average rating of “Hold” and an average price target of $162.92.
Public Storage (NYSE:PSA) is a real estate investment trust (REIT).
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