Public Storage (PSA) Expected to Announce Earnings of $2.62 Per Share
Wall Street brokerages forecast that Public Storage (NYSE:PSA) will report earnings of $2.62 per share for the current fiscal quarter, according to Zacks Investment Research. Six analysts have made estimates for Public Storage’s earnings, with estimates ranging from $2.57 to $2.69. Public Storage reported earnings of $1.78 per share during the same quarter last year, which suggests a positive year-over-year growth rate of 47.2%. The firm is scheduled to issue its next earnings report on Wednesday, October 25th.
On average, analysts expect that Public Storage will report full year earnings of $10.25 per share for the current financial year, with EPS estimates ranging from $10.15 to $10.42. For the next year, analysts forecast that the business will report earnings of $10.61 per share, with EPS estimates ranging from $10.35 to $11.00. Zacks’ EPS calculations are a mean average based on a survey of research analysts that cover Public Storage.
Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.54 by $0.95. The company had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $626.27 million. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The business’s revenue was up 5.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.40 EPS.
Several research firms have recently issued reports on PSA. Zacks Investment Research downgraded shares of Public Storage from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. Jefferies Group LLC set a $210.00 price objective on shares of Public Storage and gave the company a “hold” rating in a report on Thursday, August 17th. Argus cut their price objective on shares of Public Storage from $260.00 to $250.00 and set a “buy” rating on the stock in a report on Tuesday, August 1st. BidaskClub lowered Public Storage from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Finally, Bank of America Corporation dropped their target price on Public Storage from $222.00 to $218.00 and set a “neutral” rating on the stock in a research report on Thursday, July 20th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $219.80.
Shares of Public Storage (NYSE PSA) traded up 3.07% during mid-day trading on Thursday, hitting $214.28. 1,413,642 shares of the stock were exchanged. Public Storage has a 12 month low of $192.15 and a 12 month high of $232.21. The stock has a market cap of $37.29 billion, a PE ratio of 30.57 and a beta of 0.42. The stock’s 50 day moving average is $203.40 and its 200-day moving average is $213.30.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be given a $2.00 dividend. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $8.00 annualized dividend and a yield of 3.73%. Public Storage’s dividend payout ratio is presently 113.96%.
In other news, insider John Reyes sold 60,000 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $207.11, for a total transaction of $12,426,600.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ronald P. Spogli bought 2,000 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The shares were acquired 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. Corporate insiders own 14.42% of the company’s stock.
Large investors have recently made changes to their positions in the company. Israel Discount Bank of New York purchased a new position in shares of Public Storage during the 1st quarter valued at approximately $100,000. Bessemer Group Inc. purchased a new position in shares of Public Storage during the 2nd quarter valued at approximately $105,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Public Storage by 15.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 566 shares of the real estate investment trust’s stock valued at $119,000 after buying an additional 75 shares in the last quarter. Guardian Life Insurance Co. of America lifted its position in shares of Public Storage by 0.9% during the 1st quarter. Guardian Life Insurance Co. of America now owns 576 shares of the real estate investment trust’s stock valued at $126,000 after buying an additional 5 shares in the last quarter. Finally, CENTRAL TRUST Co lifted its position in shares of Public Storage by 41.3% during the 2nd quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock valued at $121,000 after buying an additional 169 shares in the last quarter. Hedge funds and other institutional investors own 80.22% 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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