Traders Buy Shares of Public Storage (PSA) on Weakness
Traders purchased shares of Public Storage (NYSE:PSA) on weakness during trading hours on Monday. $49.95 million flowed into the stock on the tick-up and $33.77 million flowed out of the stock on the tick-down, for a money net flow of $16.18 million into the stock. Of all companies tracked, Public Storage had the 21st highest net in-flow for the day. Public Storage traded down ($0.78) for the day and closed at $256.56
PSA has been the subject of several analyst reports. FBR & Co initiated coverage on Public Storage in a research report on Thursday, June 23rd. They issued a “market perform” rating and a $250.00 price objective for the company. Cantor Fitzgerald reiterated a “hold” rating on shares of Public Storage in a research report on Sunday, May 22nd. Barclays PLC increased their price objective on Public Storage from $251.00 to $253.00 and gave the stock an “equal weight” rating in a research report on Monday, May 2nd. Evercore ISI lowered Public Storage from a “hold” rating to a “sell” rating and set a $235.00 price objective for the company. in a research report on Monday, March 21st. Finally, Zacks Investment Research lowered Public Storage from a “buy” rating to a “hold” rating in a research report on Wednesday, May 11th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $240.89.
The firm has a market cap of $44.48 billion and a PE ratio of 41.19. The company’s 50-day moving average is $250.43 and its 200-day moving average is $254.49.
Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, April 26th. The real estate investment trust reported $2.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.19 by $0.09. During the same quarter in the previous year, the business earned $1.94 EPS. The company had revenue of $611 million for the quarter, compared to analyst estimates of $585.73 million. The business’s quarterly revenue was up 8.3% compared to the same quarter last year. On average, equities research analysts expect that Public Storage will post $9.71 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 15th were paid a $1.80 dividend. The ex-dividend date was Monday, June 13th. This represents a $7.20 annualized dividend and a dividend yield of 2.81%. This is an increase from Public Storage’s previous quarterly dividend of $1.70.
In other Public Storage news, Director B Wayne Hughes, Jr. purchased 22,100 shares of the firm’s stock in a transaction that occurred on Wednesday, June 8th. The shares were acquired at an average cost of $252.42 per share, for a total transaction of $5,578,482.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
A number of large investors have recently bought and sold shares of PSA. Vanguard Group Inc. boosted its stake in Public Storage by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 19,680,643 shares of the real estate investment trust’s stock valued at $4,874,896,000 after buying an additional 548,943 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Public Storage by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,866,004 shares of the real estate investment trust’s stock valued at $462,216,000 after buying an additional 36,783 shares in the last quarter. OppenheimerFunds Inc. boosted its stake in Public Storage by 309.1% in the fourth quarter. OppenheimerFunds Inc. now owns 568,530 shares of the real estate investment trust’s stock valued at $140,826,000 after buying an additional 429,550 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Public Storage by 14.6% in the fourth quarter. Wells Fargo & Company MN now owns 273,405 shares of the real estate investment trust’s stock valued at $67,722,000 after buying an additional 34,749 shares in the last quarter. Finally, Mizuho Trust & Banking Co. Ltd. boosted its stake in Public Storage by 2.0% in the fourth quarter. Mizuho Trust & Banking Co. Ltd. now owns 253,167 shares of the real estate investment trust’s stock valued at $63,408,000 after buying an additional 5,034 shares in the last quarter.
Public Storage is a real estate investment trust. The Company’s 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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