Public Storage (NYSE:PSA) – Equities researchers at Cantor Fitzgerald decreased their FY2018 earnings estimates for Public Storage in a research report issued to clients and investors on Tuesday, March 13th, according to Zacks Investment Research. Cantor Fitzgerald analyst G. Mehta now forecasts that the real estate investment trust will earn $10.56 per share for the year, down from their previous forecast of $10.68. Cantor Fitzgerald currently has a “Hold” rating and a $213.00 target price on the stock.
Other analysts also recently issued reports about the stock. Morgan Stanley downgraded 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. Jefferies Group set a $199.00 price objective on shares of Public Storage and gave the company a “hold” rating in a research report on Monday, March 5th. Zacks Investment Research downgraded shares of Public Storage from a “hold” rating to a “sell” rating in a research report on Wednesday, January 24th. Citigroup cut their price objective on shares of Public Storage from $220.00 to $200.00 and set a “neutral” rating on the stock in a research report on Thursday, March 1st. Finally, Bank of America raised shares of Public Storage from an “underperform” rating to a “neutral” rating and set a $212.00 price objective on the stock in a research report on Tuesday, February 27th. Seven investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $204.47.
Shares of NYSE:PSA traded down $2.08 during midday trading on Friday, reaching $199.28. The company’s stock had a trading volume of 724,186 shares, compared to its average volume of 921,881. The company has a market capitalization of $34,717.56, a PE ratio of 19.48, a P/E/G ratio of 3.94 and a beta of 0.28. Public Storage has a 12-month low of $180.48 and a 12-month high of $232.21.
Public Storage (NYSE:PSA) last released its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.72 by $0.03. The firm had revenue of $634.22 million for the quarter, compared to the consensus estimate of $643.46 million. Public Storage had a net margin of 51.16% and a return on equity of 27.48%. The company’s revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.03 EPS.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. lifted its stake in Public Storage by 22.5% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 7,709 shares of the real estate investment trust’s stock valued at $1,611,000 after acquiring an additional 1,414 shares during the period. Certified Advisory Corp bought a new position in Public Storage during the 4th quarter valued at about $175,000. Hanson McClain Inc. lifted its stake in shares of Public Storage by 222.1% in the 4th quarter. Hanson McClain Inc. now owns 2,200 shares of the real estate investment trust’s stock worth $460,000 after purchasing an additional 1,517 shares during the period. Xact Kapitalforvaltning AB lifted its stake in shares of Public Storage by 7.1% in the 4th quarter. Xact Kapitalforvaltning AB now owns 27,535 shares of the real estate investment trust’s stock worth $5,755,000 after purchasing an additional 1,817 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of Public Storage by 12.3% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 60,421 shares of the real estate investment trust’s stock worth $12,628,000 after purchasing an additional 6,605 shares during the period. Institutional investors and hedge funds own 81.66% of the company’s stock.
In other Public Storage news, SVP Lily Yan Hughes sold 443 shares of the company’s stock in a transaction dated Thursday, March 15th. The shares were sold at an average price of $194.53, for a total transaction of $86,176.79. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 14.00% of the stock is currently owned by corporate insiders.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 29th. Shareholders of record on Wednesday, March 14th were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 4.01%. The ex-dividend date was Tuesday, March 13th. Public Storage’s dividend payout ratio is currently 78.20%.
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Public Storage Company Profile
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. The Company's headquarters are located in Glendale, California. At December 31, 2017, we had interests in 2,386 self-storage facilities located in 38 states with approximately 159 million net rentable square feet in the United States and 222 storage facilities located in seven Western European nations with approximately 12 million net rentable square feet operated under the ?Shurgard? brand.
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