Public Storage (NYSE:PSA) – Analysts at SunTrust Banks lifted their Q3 2019 earnings per share (EPS) estimates for Public Storage in a research note issued to investors on Monday, June 10th. SunTrust Banks analyst K. Kim now expects that the real estate investment trust will earn $2.69 per share for the quarter, up from their prior forecast of $2.67. SunTrust Banks also issued estimates for Public Storage’s Q4 2019 earnings at $2.87 EPS, FY2019 earnings at $10.65 EPS, FY2020 earnings at $10.98 EPS, FY2021 earnings at $11.31 EPS, FY2022 earnings at $11.74 EPS and FY2023 earnings at $12.27 EPS.
Other equities analysts also recently issued reports about the stock. Barclays reaffirmed a “sell” rating and set a $218.00 price objective on shares of Public Storage in a report on Tuesday, April 16th. Jefferies Financial Group raised shares of Public Storage from an “underperform” rating to a “hold” rating and raised their price objective for the stock from $181.00 to $201.00 in a report on Tuesday, April 9th. Argus raised their price objective on shares of Public Storage to $240.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Zacks Investment Research raised shares of Public Storage from a “sell” rating to a “hold” rating in a report on Tuesday, February 12th. Finally, KeyCorp raised shares of Public Storage from an “underweight” rating to a “sector weight” rating and set a $243.72 price objective for the company in a report on Tuesday. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. Public Storage has an average rating of “Hold” and a consensus target price of $215.41.
NYSE:PSA opened at $240.85 on Wednesday. The stock has a market cap of $42.79 billion, a PE ratio of 22.81, a price-to-earnings-growth ratio of 5.72 and a beta of 0.18. Public Storage has a 52 week low of $193.89 and a 52 week high of $247.63. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.28.
Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, May 1st. The real estate investment trust reported $1.73 earnings per share for the quarter, missing analysts’ consensus estimates of $2.52 by ($0.79). The company had revenue of $689.00 million during the quarter, compared to the consensus estimate of $685.75 million. Public Storage had a net margin of 62.54% and a return on equity of 34.73%. Public Storage’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period last year, the company earned $2.48 earnings per share.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Wednesday, June 12th will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date is Tuesday, June 11th. Public Storage’s dividend payout ratio (DPR) is currently 75.76%.
Several institutional investors have recently made changes to their positions in the stock. Sage Capital Advisors llc acquired a new stake in shares of Public Storage during the 4th quarter worth approximately $29,000. Oregon Public Employees Retirement Fund boosted its stake in Public Storage by 18,823.9% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 7,180,090 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 7,142,148 shares during the last quarter. Aspire Private Capital LLC boosted its stake in Public Storage by 232.0% during the 1st quarter. Aspire Private Capital LLC now owns 166 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 116 shares during the last quarter. Liberty Wealth Management LLC bought a new position in Public Storage during the 4th quarter worth approximately $37,000. Finally, CNB Bank bought a new position in Public Storage during the 4th quarter worth approximately $42,000. Institutional investors and hedge funds own 80.56% of the company’s stock.
About Public Storage
Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At March 31, 2019, we had: (i) interests in 2,444 self-storage facilities located in 38 states with approximately 164 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 231 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at March 31, 2019.
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