Jefferies Group LLC reiterated their hold rating on shares of Public Storage (NYSE:PSA) in a research note released on Friday, July 14th. They currently have a $222.00 target price on the real estate investment trust’s stock. Jefferies Group also issued estimates for Public Storage’s Q2 2017 earnings at $2.53 EPS and FY2018 earnings at $10.80 EPS.
Other equities analysts also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Public Storage from a sell rating to a hold rating in a research note on Tuesday, July 4th. Cantor Fitzgerald dropped their price target on shares of Public Storage from $222.00 to $216.00 and set a neutral rating for the company in a research note on Monday, May 22nd. BidaskClub upgraded shares of Public Storage from a strong sell rating to a sell rating in a research note on Friday, June 16th. Barclays PLC boosted their price target on shares of Public Storage from $222.00 to $224.00 and gave the stock an equal weight rating in a research note on Wednesday, April 19th. Finally, BMO Capital Markets restated a hold rating and issued a $210.00 price target on shares of Public Storage in a research note on Wednesday, March 22nd. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $224.67.
Public Storage (PSA) traded up 2.30% during mid-day trading on Friday, reaching $202.84. The company’s stock had a trading volume of 1,490,254 shares. The firm has a market capitalization of $35.26 billion, a price-to-earnings ratio of 28.81 and a beta of 0.41. Public Storage has a 52 week low of $192.15 and a 52 week high of $243.94. The company’s 50-day moving average price is $208.61 and its 200 day moving average price is $216.53.
Public Storage (NYSE:PSA) last posted its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.54 by $0.95. The company had revenue of $624.20 million during the quarter, compared to analyst estimates of $626.27 million. Public Storage had a net margin of 54.13% and a return on equity of 27.74%. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter last year, the business posted $2.40 EPS. On average, equities analysts forecast that Public Storage will post $7.45 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be given a $2.00 dividend. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $8.00 dividend on an annualized basis and a yield of 3.94%. Public Storage’s dividend payout ratio (DPR) is presently 113.96%.
In other Public Storage news, insider John Reyes sold 60,000 shares of Public Storage stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $207.11, for a total value of $12,426,600.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 14.42% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of PSA. Brookfield Asset Management Inc. bought a new position in shares of Public Storage during the fourth quarter valued at $103,852,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Public Storage during the fourth quarter valued at $217,000. UBS Asset Management Americas Inc. raised its position in shares of Public Storage by 9.4% in the fourth quarter. UBS Asset Management Americas Inc. now owns 694,221 shares of the real estate investment trust’s stock valued at $155,160,000 after buying an additional 59,929 shares during the last quarter. Kentucky Retirement Systems bought a new position in shares of Public Storage during the fourth quarter valued at $2,419,000. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of Public Storage during the fourth quarter valued at $1,079,000. Institutional investors own 79.63% of the company’s stock.
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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