Public Storage (PSA) Upgraded by Zacks Investment Research to Hold
Public Storage (NYSE:PSA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “Shares of Public Storage outperformed its industry, in a month’s time. Moreover, the stock has seen the Zacks Consensus Estimate for current-year funds from operations (FFO) per share being unchanged over the past seven days. Notably, Public Storage is one of the largest owners and operators of storage facilities in the U.S. The brand is the most recognized and established name in the self-storage industry, with presence in all major metropolitan markets of the nation. Moreover, the company’s acquisition and expansion efforts look encouraging. Recently, Public Storage disclosed the opening of its 116th facility in Houston. It also has a healthy balance-sheet position. However, there is softness in demand, with customers remaining under stress due to the current economic environment. Further, supply has been rising in a number of markets and this affects the company’s pricing power and occupancy level.”
PSA has been the subject of a number of other research reports. BMO Capital Markets initiated coverage on shares of Public Storage in a report on Monday. They issued an “underperform” rating and a $193.00 price target for the company. BidaskClub downgraded shares of Public Storage from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Barclays PLC cut their price target on shares of Public Storage from $216.00 to $209.00 and set an “equal weight” rating for the company in a report on Tuesday, July 18th. KeyCorp reiterated a “sell” rating and issued a $184.00 price target on shares of Public Storage in a report on Wednesday. Finally, Argus lowered their price objective on shares of Public Storage from $260.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday, August 1st. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $214.91.
Shares of Public Storage (NYSE PSA) traded up 0.23% during mid-day trading on Friday, hitting $213.05. 380,414 shares of the stock traded hands. The firm’s 50 day moving average price is $204.09 and its 200 day moving average price is $212.87. Public Storage has a 12-month low of $192.15 and a 12-month high of $232.21. The firm has a market cap of $37.07 billion, a price-to-earnings ratio of 30.39 and a beta of 0.42.
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 the Zacks’ consensus estimate of $2.54 by ($0.95). The company had revenue of $624.20 million during 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 for the quarter was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.40 EPS. On average, equities research analysts predict that Public Storage will post $7.22 EPS for the current fiscal year.
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In other news, Director Ronald P. Spogli purchased 2,000 shares of the firm’s stock in a transaction on Thursday, August 3rd. The shares were bought at an average cost of $200.59 per share, with a total value of $401,180.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 14.42% of the stock is owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the business. Intl Fcstone Inc. acquired a new stake in shares of Public Storage during the 2nd quarter worth about $415,000. Brookfield Asset Management Inc. boosted its stake in shares of Public Storage by 25.8% during the 2nd quarter. Brookfield Asset Management Inc. now owns 727,314 shares of the real estate investment trust’s stock worth $151,667,000 after purchasing an additional 149,004 shares during the last quarter. Atlantic Trust LLC boosted its stake in shares of Public Storage by 138.5% during the 2nd quarter. Atlantic Trust LLC now owns 1,550 shares of the real estate investment trust’s stock worth $627,000 after purchasing an additional 900 shares during the last quarter. Toronto Dominion Bank boosted its stake in shares of Public Storage by 25.9% during the 2nd quarter. Toronto Dominion Bank now owns 50,726 shares of the real estate investment trust’s stock worth $10,575,000 after purchasing an additional 10,420 shares during the last quarter. Finally, Cetera Investment Advisers acquired a new stake in shares of Public Storage during the 2nd quarter worth about $646,000. 80.22% of the stock is currently owned by institutional investors.
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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