Public Storage (PSA) Given “Underperform” Rating at Evercore ISI
Public Storage (NYSE:PSA)‘s stock had its “underperform” rating reissued by stock analysts at Evercore ISI in a report issued on Thursday. They currently have a $204.00 price target on the real estate investment trust’s stock, up from their previous price target of $197.00. Evercore ISI’s price target indicates a potential downside of 4.00% from the company’s previous close.
Several other equities analysts have also recently commented on the stock. KeyCorp reiterated a “sell” rating and set a $184.00 target price on shares of Public Storage in a research note on Wednesday. BMO Capital Markets began coverage on shares of Public Storage in a research note on Monday. They set an “underperform” rating and a $193.00 target price for the company. Zacks Investment Research cut shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Tuesday, August 22nd. Jefferies Group LLC set a $210.00 target price on shares of Public Storage and gave the company a “hold” rating in a research note on Thursday, August 17th. Finally, Argus cut their target price on shares of Public Storage from $260.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, August 1st. Five equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. Public Storage has a consensus rating of “Hold” and an average price target of $214.91.
Public Storage (NYSE:PSA) traded up 1.804% during midday trading on Thursday, hitting $212.505. 629,954 shares of the stock traded hands. The company has a 50-day moving average of $203.99 and a 200-day moving average of $212.90. Public Storage has a 1-year low of $192.15 and a 1-year high of $232.21. The stock has a market cap of $36.98 billion, a PE ratio of 30.315 and a beta of 0.42.
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 (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.54 by ($0.95). The firm had revenue of $624.20 million for the quarter, compared to the consensus estimate of $626.27 million. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. Public Storage’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the company posted $2.40 earnings per share. On average, equities analysts expect that Public Storage will post $7.22 EPS for the current fiscal year.
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In other Public Storage news, Director Ronald P. Spogli acquired 2,000 shares of the company’s stock in a transaction dated Thursday, August 3rd. The stock was bought at an average price of $200.59 per share, for a total transaction of $401,180.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 14.42% of the company’s stock.
Several hedge funds have recently made changes to their positions in PSA. UBS Asset Management Americas Inc. raised its stake in shares of Public Storage by 13.9% in the 1st quarter. UBS Asset Management Americas Inc. now owns 790,428 shares of the real estate investment trust’s stock valued at $173,033,000 after buying an additional 96,207 shares in the last quarter. FormulaFolio Investments LLC raised its stake in shares of Public Storage by 3.0% in the 1st quarter. FormulaFolio Investments LLC now owns 1,871 shares of the real estate investment trust’s stock valued at $410,000 after buying an additional 54 shares in the last quarter. Flippin Bruce & Porter Inc. raised its stake in shares of Public Storage by 12.6% in the 1st quarter. Flippin Bruce & Porter Inc. now owns 14,060 shares of the real estate investment trust’s stock valued at $3,078,000 after buying an additional 1,570 shares in the last quarter. Wedbush Securities Inc. raised its stake in shares of Public Storage by 1.9% in the 1st quarter. Wedbush Securities Inc. now owns 3,083 shares of the real estate investment trust’s stock valued at $675,000 after buying an additional 56 shares in the last quarter. Finally, Commerce Bank raised its stake in shares of Public Storage by 147.6% in the 1st quarter. Commerce Bank now owns 17,686 shares of the real estate investment trust’s stock valued at $3,871,000 after buying an additional 10,543 shares in the last quarter. Institutional investors own 80.22% of the company’s stock.
Public Storage Company Profile
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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