Public Storage (NYSE:PSA) – Stock analysts at Jefferies Group lowered their Q3 2017 earnings per share (EPS) estimates for Public Storage in a research note issued to investors on Monday. Jefferies Group analyst G. Hoglund now anticipates that the real estate investment trust will post earnings per share of $2.60 for the quarter, down from their previous estimate of $2.61. Jefferies Group currently has a “Hold” rating and a $210.00 target price on the stock.
Several other analysts also recently weighed in on the company. KeyCorp reiterated a “sell” rating and issued a $184.00 price objective on shares of Public Storage in a research report on Wednesday, September 13th. Zacks Investment Research downgraded Public Storage from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Evercore ISI reiterated an “underperform” rating and issued a $204.00 price objective (up previously from $197.00) on shares of Public Storage in a research report on Thursday, September 14th. Barclays PLC lowered their price objective on Public Storage from $216.00 to $209.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 18th. Finally, BMO Capital Markets initiated coverage on Public Storage in a research report on Monday, September 11th. They issued an “underperform” rating and a $193.00 price objective for the company. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. Public Storage presently has a consensus rating of “Hold” and a consensus price target of $214.73.
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Shares of Public Storage (PSA) opened at 214.67 on Tuesday. The firm has a market cap of $37.35 billion, a P/E ratio of 30.62 and a beta of 0.44. Public Storage has a 52-week low of $192.15 and a 52-week high of $232.21. The firm’s 50-day moving average is $213.01 and its 200-day moving average is $211.24.
Public Storage (NYSE:PSA) last released its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing analysts’ consensus estimates of $2.54 by ($0.95). The firm had revenue of $624.20 million for the quarter, compared to analyst estimates 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 period in the prior year, the company posted $2.40 EPS.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 28th. Investors of record on Wednesday, September 13th were paid a $2.00 dividend. The ex-dividend date was Tuesday, September 12th. This represents a $8.00 annualized dividend and a yield of 3.73%. Public Storage’s payout ratio is 113.96%.
In other news, Director Ronald P. Spogli purchased 2,000 shares of Public Storage stock in a transaction that occurred 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 14.42% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of PSA. BlackRock Inc. grew its stake in Public Storage by 2,552.4% in the first quarter. BlackRock Inc. now owns 14,167,308 shares of the real estate investment trust’s stock worth $3,101,367,000 after purchasing an additional 13,633,185 shares during the period. Capital World Investors grew its stake in Public Storage by 93.3% in the second quarter. Capital World Investors now owns 4,036,000 shares of the real estate investment trust’s stock worth $841,627,000 after purchasing an additional 1,948,000 shares during the period. Vanguard Group Inc. grew its stake in Public Storage by 3.4% in the second quarter. Vanguard Group Inc. now owns 22,057,097 shares of the real estate investment trust’s stock worth $4,599,567,000 after purchasing an additional 727,573 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Public Storage by 87.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,477,786 shares of the real estate investment trust’s stock worth $323,502,000 after purchasing an additional 688,042 shares during the period. Finally, Epoch Investment Partners Inc. grew its stake in Public Storage by 3,791.5% in the second quarter. Epoch Investment Partners Inc. now owns 641,789 shares of the real estate investment trust’s stock worth $133,832,000 after purchasing an additional 625,297 shares during the period. 80.04% of the stock is currently owned by institutional investors.
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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