Public Storage (PSA) Stock Price Down 3.9%
Public Storage (NYSE:PSA) dropped 3.9% during trading on Thursday . The stock traded as low as $236.30 and last traded at $238.48, with a volume of 973,914 shares changing hands. The stock had previously closed at $248.18.
PSA has been the subject of several recent analyst reports. Barclays PLC increased their price objective on Public Storage from $251.00 to $253.00 and gave the company an “equal weight” rating in a report on Monday, May 2nd. Vetr upgraded Public Storage from a “sell” rating to a “hold” rating and set a $239.50 price target on the stock in a research note on Monday, May 2nd. Zacks Investment Research cut Public Storage from a “buy” rating to a “hold” rating in a research note on Wednesday, May 11th. Cantor Fitzgerald restated a “hold” rating on shares of Public Storage in a research note on Sunday, May 22nd. Finally, FBR & Co started coverage on Public Storage in a research note on Thursday, June 23rd. They issued a “market perform” rating and a $250.00 price target on the stock. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $240.35.
The firm has a market cap of $41.37 billion and a price-to-earnings ratio of 38.31. The firm’s 50 day moving average is $249.13 and its 200-day moving average is $254.52.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Wednesday, July 27th. The real estate investment trust reported $2.40 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $2.40. The business earned $634.20 million during the quarter, compared to analysts’ expectations of $607.28 million. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the prior year, the firm posted $2.17 EPS. On average, equities research analysts predict that Public Storage will post $9.74 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, September 14th will be given a $1.80 dividend. The ex-dividend date of this dividend is Monday, September 12th. This represents a $7.20 annualized dividend and a yield of 3.02%.
In other Public Storage news, Director B Wayne Hughes, Jr. acquired 22,100 shares of the business’s stock in a transaction on Wednesday, June 8th. The shares were acquired at an average price of $252.42 per share, with a total value of $5,578,482.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Other hedge funds have recently modified their holdings of the company. BlackRock Advisors LLC raised its stake in shares of Public Storage by 1,694.6% in the fourth quarter. BlackRock Advisors LLC now owns 40,665 shares of the real estate investment trust’s stock valued at $10,073,000 after buying an additional 38,399 shares during the last quarter. KBC Group NV raised its stake in shares of Public Storage by 6.1% in the fourth quarter. KBC Group NV now owns 45,615 shares of the real estate investment trust’s stock valued at $11,299,000 after buying an additional 2,640 shares during the last quarter. State of Tennessee Treasury Department raised its stake in shares of Public Storage by 24.6% in the fourth quarter. State of Tennessee Treasury Department now owns 136,431 shares of the real estate investment trust’s stock valued at $33,794,000 after buying an additional 26,913 shares during the last quarter. Employees Retirement System of Texas raised its stake in shares of Public Storage by 19.1% in the fourth quarter. Employees Retirement System of Texas now owns 94,300 shares of the real estate investment trust’s stock valued at $23,358,000 after buying an additional 15,100 shares during the last quarter. Finally, Ashburton Jersey Ltd purchased a new stake in shares of Public Storage during the fourth quarter valued at about $1,610,000.
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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