Investors Sell Shares of Public Storage (PSA) on Strength (PSA)
Investors sold shares of Public Storage (NYSE:PSA) on strength during trading on Thursday. $32.82 million flowed into the stock on the tick-up and $102.91 million flowed out of the stock on the tick-down, for a money net flow of $70.09 million out of the stock. Of all stocks tracked, Public Storage had the 0th highest net out-flow for the day. Public Storage traded up $0.17 for the day and closed at $223.94
A number of analysts have recently issued reports on PSA shares. Cantor Fitzgerald reiterated a “hold” rating on shares of Public Storage in a research note on Sunday, May 22nd. FBR & Co started coverage on shares of Public Storage in a research note on Thursday, June 23rd. They set a “market perform” rating and a $250.00 price objective on the stock. Jefferies Group dropped their price objective on shares of Public Storage from $270.00 to $245.00 and set a “hold” rating on the stock in a research note on Wednesday, August 10th. Evercore ISI upgraded shares of Public Storage from a “sell” rating to a “hold” rating and set a $228.00 price objective on the stock in a research note on Monday, August 22nd. Finally, KeyCorp lowered shares of Public Storage from a “sector weight” rating to an “underweight” rating and set a $230.00 price objective on the stock. in a research note on Friday, July 15th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $241.26.
The stock’s 50-day moving average is $235.88 and its 200 day moving average is $251.71. The stock has a market capitalization of $39.21 billion and a P/E ratio of 35.78.
Public Storage (NYSE:PSA) last posted its earnings results on Thursday, July 28th. The real estate investment trust reported $2.34 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.40 by $0.06. The company earned $634.20 million during the quarter, compared to analysts’ expectations of $607.28 million. During the same period in the prior year, the business posted $2.17 EPS. The business’s revenue was up 7.9% on a year-over-year basis. On average, analysts expect that Public Storage will post $9.64 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Wednesday, September 14th will be issued a dividend of $1.80 per share. The ex-dividend date of this dividend is Monday, September 12th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 3.18%.
In other Public Storage news, Director B Wayne Hughes, Jr. purchased 22,100 shares of the business’s stock in a transaction dated Wednesday, June 8th. The stock was bought at an average cost of $252.42 per share, for a total transaction of $5,578,482.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Other hedge funds and institutional investors have modified their holdings of the company. Schwab Charles Investment Management Inc. raised its position in shares of Public Storage by 10.1% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 867,729 shares of the real estate investment trust’s stock worth $214,937,000 after buying an additional 79,842 shares during the period. American International Group Inc. raised its position in shares of Public Storage by 15.5% in the fourth quarter. American International Group Inc. now owns 66,299 shares of the real estate investment trust’s stock worth $16,423,000 after buying an additional 8,877 shares during the period. Dimensional Fund Advisors LP raised its position in shares of 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 worth $462,216,000 after buying an additional 36,783 shares during the period. Finally, I.G. Investment Management LTD. raised its position in shares of Public Storage by 2.6% in the fourth quarter. I.G. Investment Management LTD. now owns 18,451 shares of the real estate investment trust’s stock worth $4,570,000 after buying an additional 474 shares during the period.
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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