Public Storage (PSA) Expected to Post FY2016 Earnings of $9.53 Per Share
Public Storage (NYSE:PSA) – Analysts at KeyCorp cut their FY2016 earnings estimates for shares of Public Storage in a research report issued on Monday. KeyCorp analyst T. Thomas now anticipates that the brokerage will post earnings per share of $9.53 for the year, down from their prior estimate of $9.60. KeyCorp has a “Underweight” rating and a $205.00 price target on the stock. KeyCorp also issued estimates for Public Storage’s FY2017 earnings at $10.45 EPS.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $2.34 earnings per share for the quarter, missing the consensus estimate of $2.40 by $0.06. Public Storage had a return on equity of 25.44% and a net margin of 52.53%. The business had revenue of $634.20 million for the quarter, compared to analyst estimates of $607.28 million. During the same period in the prior year, the firm posted $2.17 EPS. Public Storage’s revenue for the quarter was up 7.9% on a year-over-year basis.
PSA has been the subject of several other reports. Bank of America Corp. lowered shares of Public Storage from a “buy” rating to a “neutral” rating in a research report on Thursday, August 11th. Zacks Investment Research lowered shares of Public Storage from a “hold” rating to a “sell” rating in a research report on Wednesday. Evercore ISI raised shares of 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 reaffirmed a “marketperform” rating and issued a $250.00 price objective on shares of Public Storage in a research report on Wednesday, June 22nd. Finally, Jefferies Group decreased their price objective on shares of Public Storage from $270.00 to $245.00 and set a “hold” rating for the company in a research report on Wednesday, August 10th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $244.38.
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Public Storage (NYSE:PSA) traded down 0.77% during trading on Wednesday, hitting $214.16. The company had a trading volume of 338,203 shares. The stock has a market capitalization of $37.14 billion, a PE ratio of 33.89 and a beta of 0.61. The stock has a 50-day moving average of $218.32 and a 200-day moving average of $242.11. Public Storage has a one year low of $207.06 and a one year high of $277.60.
A number of large investors have recently added to or reduced their stakes in PSA. Janus Capital Management LLC boosted its stake in shares of Public Storage by 75.9% in the second quarter. Janus Capital Management LLC now owns 1,293,597 shares of the real estate investment trust’s stock valued at $330,631,000 after buying an additional 558,341 shares during the period. FMR LLC boosted its stake in shares of Public Storage by 7.6% in the second quarter. FMR LLC now owns 7,595,027 shares of the real estate investment trust’s stock valued at $1,941,213,000 after buying an additional 536,241 shares during the period. Vanguard Group Inc. boosted its stake in shares of Public Storage by 2.3% in the second quarter. Vanguard Group Inc. now owns 20,714,449 shares of the real estate investment trust’s stock valued at $5,294,405,000 after buying an additional 470,163 shares during the period. Emerald Acquisition Ltd. acquired a new stake in shares of Public Storage during the second quarter valued at about $104,206,000. Finally, Capital Growth Management LP acquired a new stake in shares of Public Storage during the first quarter valued at about $50,615,000. 77.99% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider John Reyes sold 30,000 shares of Public Storage stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $215.41, for a total value of $6,462,300.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 14.20% of the stock is currently owned by corporate insiders.
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. The ex-dividend date was Monday, September 12th. This represents a $7.20 dividend on an annualized basis and a yield of 3.34%. Public Storage’s dividend payout ratio is currently 113.92%.
About Public Storage
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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