Public Storage (PSA) Receives Consensus Recommendation of “Hold” from Analysts
Public Storage (NYSE:PSA) has received a consensus rating of “Hold” from the thirteen analysts that are currently covering the company, Marketbeat reports. Four analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and one has given a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $219.80.
PSA has been the topic of several research analyst reports. Zacks Investment Research downgraded Public Storage from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. BidaskClub downgraded Public Storage from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Barclays PLC dropped their price objective on Public Storage from $216.00 to $209.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 18th. Argus dropped their price objective on Public Storage from $260.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday, August 1st. Finally, Cantor Fitzgerald dropped their price objective on Public Storage from $222.00 to $216.00 and set a “neutral” rating on the stock in a research note on Monday, May 22nd.
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Shares of Public Storage (NYSE:PSA) traded up 0.58% on Tuesday, hitting $205.49. The company had a trading volume of 285,188 shares. The firm has a market capitalization of $35.76 billion, a P/E ratio of 29.31 and a beta of 0.41. Public Storage has a 12-month low of $192.15 and a 12-month high of $232.21. The firm has a 50 day moving average of $203.47 and a 200-day moving average of $214.06.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $1.59 EPS for the quarter, missing the consensus estimate of $2.54 by $0.95. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The firm had revenue of $624.20 million during the quarter, compared to analysts’ expectations of $626.27 million. During the same quarter in the previous year, the company posted $2.40 EPS. Public Storage’s revenue for the quarter was up 5.0% on a year-over-year basis. On average, equities analysts predict that Public Storage will post $7.09 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $8.00 dividend on an annualized basis and a yield of 3.92%. Public Storage’s payout ratio is 113.96%.
In other news, insider John Reyes sold 60,000 shares of the company’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $207.11, for a total value of $12,426,600.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ronald P. Spogli purchased 2,000 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was purchased at an average cost of $200.59 per share, for a total transaction of $401,180.00. The disclosure for this purchase can be found here. Insiders own 14.42% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. 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 valued at $3,101,367,000 after buying an additional 13,633,185 shares during the last quarter. 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 valued at $841,627,000 after buying an additional 1,948,000 shares during the last quarter. 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 valued at $445,320,000 after buying an additional 1,063,521 shares during the last quarter. 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 valued at $4,599,567,000 after buying an additional 727,573 shares during the last quarter. 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 valued at $323,502,000 after buying an additional 688,042 shares during the last quarter. 80.21% of the stock is currently owned by hedge funds and other institutional investors.
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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