FY2017 EPS Estimates for Public Storage Decreased by Cantor Fitzgerald (PSA)
Public Storage (NYSE:PSA) – Investment analysts at Cantor Fitzgerald cut their FY2017 earnings per share estimates for Public Storage in a research report issued on Thursday. Cantor Fitzgerald analyst G. Mehta now expects that the real estate investment trust will post earnings of $10.04 per share for the year, down from their previous estimate of $10.26. Cantor Fitzgerald has a “Neutral” rating and a $216.00 price objective on the stock. Cantor Fitzgerald also issued estimates for Public Storage’s FY2018 earnings at $10.66 EPS.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing the consensus estimate of $2.54 by $0.95. The company had revenue of $624.20 million during the quarter, compared to analyst estimates of $626.27 million. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The company’s revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.40 EPS.
Other research analysts also recently issued research reports about the company. Jefferies Group LLC set a $210.00 target price on Public Storage and gave the stock a “hold” rating in a research note on Thursday. Zacks Investment Research raised Public Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Bank of America Corporation lowered their target price on Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a research note on Thursday, July 20th. BidaskClub raised Public Storage from a “strong sell” rating to a “sell” rating in a research note on Friday, June 16th. Finally, Argus lowered their target price on Public Storage from $260.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, August 1st. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company’s stock. Public Storage has a consensus rating of “Hold” and an average price target of $220.55.
Shares of Public Storage (NYSE PSA) opened at 196.29 on Monday. Public Storage has a 52-week low of $192.15 and a 52-week high of $232.21. The firm has a market cap of $34.15 billion, a PE ratio of 28.00 and a beta of 0.41. The firm has a 50-day moving average of $204.11 and a 200 day moving average of $214.49.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 4.08%. The ex-dividend date is Tuesday, September 12th. Public Storage’s dividend payout ratio is currently 113.96%.
In other Public Storage news, insider John Reyes sold 60,000 shares of the stock in a transaction that occurred 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 filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ronald P. Spogli bought 2,000 shares of the firm’s stock in a transaction on Thursday, August 3rd. The shares were purchased at an average cost of $200.59 per share, with a total value of $401,180.00. The disclosure for this purchase can be found here. Corporate insiders own 14.42% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake 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 in the last quarter. BlackRock Inc. increased its stake in Public Storage by 3.5% in the second quarter. BlackRock Inc. now owns 14,657,306 shares of the real estate investment trust’s stock worth $3,056,489,000 after buying an additional 489,998 shares in the last quarter. APG Asset Management US Inc. increased its stake in Public Storage by 3.3% in the second quarter. APG Asset Management US Inc. now owns 4,212,811 shares of the real estate investment trust’s stock worth $878,497,000 after buying an additional 136,388 shares in the last quarter. Capital World Investors increased its stake 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 in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Public Storage by 20.5% in the second quarter. JPMorgan Chase & Co. now owns 3,161,559 shares of the real estate investment trust’s stock worth $659,280,000 after buying an additional 537,289 shares in the last quarter. 78.47% of the stock is owned by institutional investors and hedge funds.
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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