Jefferies Group Equities Analysts Lower Earnings Estimates for Public Storage (PSA)
Public Storage (NYSE:PSA) – Investment analysts at Jefferies Group cut their FY2018 earnings per share estimates for shares of Public Storage in a report issued on Tuesday. Jefferies Group analyst G. Hoglund now forecasts that the real estate investment trust will post earnings of $10.55 per share for the year, down from their prior estimate of $10.60. Jefferies Group has a “Hold” rating and a $212.00 price objective on the stock. Jefferies Group also issued estimates for Public Storage’s FY2019 earnings at $11.07 EPS.
PSA has been the topic of several other reports. BMO Capital Markets set a $193.00 price target on shares of Public Storage and gave the stock a “sell” rating in a research report on Thursday, October 26th. FBR & Co set a $220.00 price objective on shares of Public Storage and gave the company a “hold” rating in a research report on Thursday, October 26th. Morgan Stanley lowered shares of Public Storage from an “equal weight” rating to an “underweight” rating and set a $199.00 price objective on the stock. in a research report on Wednesday, December 13th. SunTrust Banks reissued a “hold” rating and issued a $200.00 price objective on shares of Public Storage in a research report on Friday, October 27th. Finally, Robert W. Baird lowered shares of Public Storage from a “neutral” rating to an “underperform” rating and set a $205.00 price objective on the stock. in a research report on Tuesday, November 28th. Seven equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $209.38.
Public Storage (NYSE:PSA) last posted its quarterly earnings results on Wednesday, October 25th. The real estate investment trust reported $1.61 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.60 by ($0.99). Public Storage had a return on equity of 27.78% and a net margin of 52.48%.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 28th. Stockholders of record on Wednesday, December 13th were given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 4.13%. The ex-dividend date of this dividend was Tuesday, December 12th. Public Storage’s payout ratio is presently 116.96%.
In related news, Director Gary E. Pruitt sold 5,000 shares of the company’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $212.09, for a total value of $1,060,450.00. Following the transaction, the director now directly owns 8,350 shares in the company, valued at $1,770,951.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Reyes sold 60,000 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $212.24, for a total transaction of $12,734,400.00. The disclosure for this sale can be found here. 14.42% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Covington Capital Management grew its stake in shares of Public Storage by 11.7% in the second quarter. Covington Capital Management now owns 8,960 shares of the real estate investment trust’s stock valued at $1,868,000 after acquiring an additional 937 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Public Storage by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,054,552 shares of the real estate investment trust’s stock valued at $428,434,000 after acquiring an additional 57,277 shares in the last quarter. California Public Employees Retirement System grew its stake in shares of Public Storage by 2.5% in the second quarter. California Public Employees Retirement System now owns 349,501 shares of the real estate investment trust’s stock valued at $72,881,000 after acquiring an additional 8,600 shares in the last quarter. PGGM Investments grew its stake in shares of Public Storage by 0.8% in the third quarter. PGGM Investments now owns 1,486,414 shares of the real estate investment trust’s stock valued at $318,078,000 after acquiring an additional 11,472 shares in the last quarter. Finally, Pictet Asset Management Ltd. grew its stake in shares of Public Storage by 3.5% in the third quarter. Pictet Asset Management Ltd. now owns 103,907 shares of the real estate investment trust’s stock valued at $22,235,000 after acquiring an additional 3,480 shares in the last quarter. Institutional investors and hedge funds own 80.80% of the company’s stock.
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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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