Public Storage (NYSE:PSA) – Analysts at Cantor Fitzgerald issued their FY2019 earnings estimates for shares of Public Storage in a research note issued on Tuesday, March 13th, Zacks Investment Research reports. Cantor Fitzgerald analyst G. Mehta forecasts that the real estate investment trust will post earnings per share of $10.82 for the year. Cantor Fitzgerald currently has a “Hold” rating and a $213.00 target price on the stock.
Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.72 by $0.03. Public Storage had a net margin of 51.16% and a return on equity of 27.48%. The company had revenue of $634.22 million for the quarter, compared to analyst estimates of $643.46 million. During the same quarter last year, the business earned $2.03 earnings per share. The firm’s revenue was up 3.3% on a year-over-year basis.
PSA has been the topic of several other research reports. KeyCorp set a $179.00 target price on shares of Public Storage and gave the company a “sell” rating in a research report on Thursday, March 15th. Morgan Stanley lowered shares of Public Storage from an “equal weight” rating to an “underweight” rating and set a $199.00 target price on the stock. in a research report on Wednesday, December 13th. Citigroup dropped their target price 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. Wells Fargo reiterated a “hold” rating and issued a $210.00 target price (down previously from $225.00) on shares of Public Storage in a research report on Thursday, March 15th. They noted that the move was a valuation call. Finally, Barclays reiterated a “hold” rating and issued a $201.00 target price on shares of Public Storage in a research report on Wednesday, January 31st. Seven analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $204.47.
Shares of NYSE PSA opened at $199.28 on Thursday. Public Storage has a 52-week low of $180.48 and a 52-week high of $232.21. The stock has a market capitalization of $35,079.93, a PE ratio of 19.48, a P/E/G ratio of 3.98 and a beta of 0.28.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 29th. Investors of record on Wednesday, March 14th were given a dividend of $2.00 per share. The ex-dividend date was Tuesday, March 13th. This represents a $8.00 dividend on an annualized basis and a yield of 4.01%. Public Storage’s payout ratio is presently 78.20%.
In other Public Storage news, SVP Lily Yan Hughes sold 443 shares of Public Storage 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 14.00% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. raised its stake in Public Storage by 22.5% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 7,709 shares of the real estate investment trust’s stock worth $1,611,000 after purchasing an additional 1,414 shares during the period. Certified Advisory Corp purchased a new position in Public Storage during the fourth quarter worth about $175,000. Hanson McClain Inc. raised its stake in Public Storage by 222.1% during the fourth 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 raised its stake in Public Storage by 7.1% during the fourth 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 raised its stake in Public Storage by 12.3% during the fourth 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. 81.66% of the stock is currently owned by institutional investors.
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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. 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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