Public Storage Expected to Post Q3 2016 Earnings of $2.52 Per Share (PSA)
Public Storage (NYSE:PSA) – Stock analysts at FBR & Co cut their Q3 2016 earnings per share (EPS) estimates for shares of Public Storage in a report released on Friday. FBR & Co analyst D. Corak now expects that the brokerage will post earnings per share of $2.52 for the quarter, down from their prior forecast of $2.55. FBR & Co currently has a “Marketperform” rating and a $250.00 target price on the stock. FBR & Co also issued estimates for Public Storage’s Q4 2016 earnings at $2.61 EPS, FY2016 earnings at $9.56 EPS, Q2 2017 earnings at $2.57 EPS, Q3 2017 earnings at $2.67 EPS, Q4 2017 earnings at $2.81 EPS, FY2017 earnings at $10.41 EPS and FY2018 earnings at $11.21 EPS.
Public Storage (NYSE:PSA) last announced its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $2.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 quarter in the prior year, the company posted $2.17 EPS. The company’s quarterly revenue was up 7.9% compared to the same quarter last year.
Several other equities analysts have also recently weighed in on PSA. KeyCorp cut shares of Public Storage from a “sector weight” rating to an “underweight” rating and set a $230.00 target price for the company. in a research note on Friday, July 15th. Evercore ISI raised shares of Public Storage from a “sell” rating to a “hold” rating and set a $228.00 target price for the company in a research note on Monday, August 22nd. Bank of America Corp. cut shares of Public Storage from a “buy” rating to a “neutral” rating in a research note on Thursday, August 11th. Cantor Fitzgerald reissued a “hold” rating on shares of Public Storage in a research note on Friday, August 26th. Finally, Zacks Investment Research cut shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Tuesday, September 27th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $243.24.
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Public Storage (NYSE:PSA) opened at 212.05 on Monday. Public Storage has a 52 week low of $207.06 and a 52 week high of $277.60. The firm has a market cap of $36.77 billion, a PE ratio of 33.56 and a beta of 0.61. The stock has a 50 day moving average of $220.70 and a 200-day moving average of $245.17.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Wednesday, September 14th were paid a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend was Monday, September 12th. Public Storage’s dividend payout ratio (DPR) is presently 113.92%.
In related news, insider John Reyes sold 30,000 shares of the business’s stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $215.41, for a total value of $6,462,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 14.20% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Curbstone Financial Management Corp acquired a new position in shares of Public Storage during the third quarter valued at approximately $452,000. West Oak Capital LLC increased its position in shares of Public Storage by 3.0% in the third quarter. West Oak Capital LLC now owns 1,045 shares of the real estate investment trust’s stock valued at $233,000 after buying an additional 30 shares during the last quarter. Washington Trust Bank increased its position in shares of Public Storage by 28.1% in the third quarter. Washington Trust Bank now owns 538 shares of the real estate investment trust’s stock valued at $120,000 after buying an additional 118 shares during the last quarter. Evercore Wealth Management LLC increased its position in shares of Public Storage by 4.5% in the second quarter. Evercore Wealth Management LLC now owns 2,610 shares of the real estate investment trust’s stock valued at $667,000 after buying an additional 112 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Public Storage during the second quarter valued at approximately $1,521,000. 77.98% of the stock is owned by hedge funds and other institutional investors.
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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