Public Storage (PSA) Shares Down 2.1%
Public Storage (NYSE:PSA) dropped 2.1% on Thursday . The company traded as low as $252.49 and last traded at $252.75, with a volume of 298,675 shares trading hands. The stock had previously closed at $258.13.
A number of research firms have recently issued reports on PSA. FBR & Co began coverage on Public Storage in a report on Thursday, June 23rd. They issued a “market perform” rating and a $250.00 target price on the stock. Cantor Fitzgerald reissued a “hold” rating on shares of Public Storage in a report on Sunday, May 22nd. Barclays PLC boosted their target price on Public Storage from $251.00 to $253.00 and gave the company an “equal weight” rating in a report on Monday, May 2nd. Evercore ISI lowered Public Storage from a “hold” rating to a “sell” rating and set a $235.00 target price on the stock. in a report on Monday, March 21st. Finally, Zacks Investment Research lowered Public Storage from a “buy” rating to a “hold” rating in a report on Wednesday, May 11th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $240.89.
The company has a market cap of $44.00 billion and a price-to-earnings ratio of 40.74. The stock’s 50 day moving average is $250.08 and its 200 day moving average is $254.29.
Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, April 26th. The real estate investment trust reported $2.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.19 by $0.09. During the same quarter last year, the business posted $1.94 earnings per share. The company earned $611 million during the quarter, compared to analyst estimates of $585.73 million. The company’s revenue was up 8.3% on a year-over-year basis. Analysts anticipate that Public Storage will post $9.71 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Wednesday, June 15th were paid a dividend of $1.80 per share. This is a boost from Public Storage’s previous quarterly dividend of $1.70. This represents a $7.20 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend was Monday, June 13th.
In other Public Storage news, Director B Wayne Hughes, Jr. bought 22,100 shares of the business’s stock in a transaction on Wednesday, June 8th. The shares were purchased 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 SEC, which is available through this link.
Several institutional investors have recently modified their holdings of PSA. Victory Capital Management Inc. boosted its position in shares of Public Storage by 128.5% in the fourth quarter. Victory Capital Management Inc. now owns 4,040 shares of the real estate investment trust’s stock valued at $1,001,000 after buying an additional 2,272 shares during the period. American Investment Services Inc. boosted its position in shares of Public Storage by 22.2% in the fourth quarter. American Investment Services Inc. now owns 4,367 shares of the real estate investment trust’s stock valued at $1,082,000 after buying an additional 794 shares during the period. Penserra Capital Management LLC purchased a new position in shares of Public Storage during the fourth quarter valued at about $1,839,000. L & S Advisors Inc purchased a new position in shares of Public Storage during the fourth quarter valued at about $1,857,000. Finally, Commerzbank Aktiengesellschaft FI boosted its position in shares of Public Storage by 92.3% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 9,137 shares of the real estate investment trust’s stock valued at $2,263,000 after buying an additional 4,386 shares during the period.
Public Storage (the Trust) is a real estate investment trust (REIT). The Trust’s principal business activities include Domestic Self-Storage, European Self-Storage and Commercial. The Trust acquires, develops, owns and operates self-storage facilities, which offer storage spaces for lease, on a month-to-month basis, for personal and business use.