Jefferies Group LLC Analysts Give Public Storage (PSA) a $210.00 Price Target
Public Storage (NYSE:PSA) has been given a $210.00 price objective by stock analysts at Jefferies Group LLC in a research note issued to investors on Thursday. The firm presently has a “hold” rating on the real estate investment trust’s stock. Jefferies Group LLC’s price objective suggests a potential upside of 6.21% from the stock’s previous close.
A number of other research firms also recently commented on PSA. Barclays PLC lifted their target price on shares of Public Storage from $222.00 to $224.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 19th. Zacks Investment Research raised shares of Public Storage from a “sell” rating to a “hold” rating in a research report on Thursday, June 1st. Cantor Fitzgerald dropped their price target on shares of Public Storage from $222.00 to $216.00 and set a “neutral” rating on the stock in a research note on Monday, May 22nd. BidaskClub upgraded shares of Public Storage from a “strong sell” rating to a “sell” rating in a research note on Friday, June 16th. Finally, Bank of America Corporation dropped their price target on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating on the stock in a research note on Thursday, July 20th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company’s stock. Public Storage currently has an average rating of “Hold” and a consensus price target of $220.55.
Public Storage (NYSE:PSA) traded down 1.39% during midday trading on Thursday, hitting $194.98. The company’s stock had a trading volume of 218,551 shares. The company’s 50 day moving average price is $204.43 and its 200 day moving average price is $214.62. The firm has a market cap of $33.93 billion, a P/E ratio of 27.81 and a beta of 0.41. Public Storage has a 12 month low of $192.15 and a 12 month high of $233.39.
Public Storage (NYSE:PSA) last posted its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 EPS for the quarter, missing analysts’ consensus estimates of $2.54 by $0.95. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The company had revenue of $624.20 million during the quarter, compared to the consensus estimate of $626.27 million. During the same period last year, the firm posted $2.40 EPS. The company’s revenue for the quarter was up 5.0% on a year-over-year basis. Analysts expect that Public Storage will post $7.09 EPS for the current year.
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In related news, insider John Reyes sold 60,000 shares of Public Storage stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $207.11, for a total transaction of $12,426,600.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Ronald P. Spogli bought 2,000 shares of the stock in a transaction that occurred on Thursday, August 3rd. The shares were purchased at an average price of $200.59 per share, for a total transaction of $401,180.00. The disclosure for this purchase can be found here. 14.42% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PSA. BlackRock Inc. boosted its position in Public Storage by 2,552.4% in the first quarter. BlackRock Inc. now owns 14,167,308 shares of the real estate investment trust’s stock worth $3,101,367,000 after buying an additional 13,633,185 shares during the period. Capital World Investors boosted its position in Public Storage by 93.3% in the second quarter. Capital World Investors now owns 4,036,000 shares of the real estate investment trust’s stock worth $841,627,000 after buying an additional 1,948,000 shares during the period. Daiwa Securities Group Inc. boosted its position in Public Storage by 109.6% in the first quarter. Daiwa Securities Group Inc. now owns 2,034,261 shares of the real estate investment trust’s stock worth $445,320,000 after buying an additional 1,063,521 shares during the period. Vanguard Group Inc. boosted its position in Public Storage by 3.4% in the second quarter. Vanguard Group Inc. now owns 22,057,097 shares of the real estate investment trust’s stock worth $4,599,567,000 after buying an additional 727,573 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its position in Public Storage by 87.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,477,786 shares of the real estate investment trust’s stock worth $323,502,000 after buying an additional 688,042 shares during the period. Institutional investors own 78.47% of the company’s stock.
About Public Storage
Public Storage is a real estate investment trust (REIT). The Company’s principal 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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