Public Storage (PSA) Shares Up 2.1%
Public Storage (NYSE:PSA) shares shot up 2.1% during mid-day trading on Tuesday . The company traded as high as $259.37 and last traded at $259.11, with a volume of 295,595 shares changing hands. The stock had previously closed at $253.84.
A number of brokerages have recently issued reports on PSA. Evercore ISI downgraded Public Storage from a “hold” rating to a “sell” rating and set a $235.00 price target on the stock. in a report on Monday, March 21st. Zacks Investment Research downgraded Public Storage from a “buy” rating to a “hold” rating in a report on Wednesday, May 11th. Royal Bank Of Canada upped their price objective on Public Storage from $235.00 to $243.00 and gave the company a “sector perform” rating in a research report on Wednesday, May 11th. Citigroup Inc. upped their price objective on Public Storage from $240.00 to $260.00 and gave the company a “neutral” rating in a research report on Friday, May 13th. Finally, Vetr cut Public Storage from a “hold” rating to a “sell” rating and set a $239.50 price objective for the company. in a research report on Monday, April 25th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $240.89.
The firm has a 50-day moving average price of $250.08 and a 200-day moving average price of $254.30. The firm has a market capitalization of $44.76 billion and a PE ratio of 41.44.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, April 26th. The real estate investment trust reported $2.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.19 by $0.09. The firm earned $611 million during the quarter, compared to analysts’ expectations of $585.73 million. Public Storage’s quarterly revenue was up 8.3% on a year-over-year basis. During the same period last year, the firm earned $1.94 earnings per share. On average, equities research analysts forecast that Public Storage will post $9.71 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th were given a $1.80 dividend. The ex-dividend date was Monday, June 13th. This is a positive change from Public Storage’s previous quarterly dividend of $1.70. This represents a $7.20 dividend on an annualized basis and a dividend yield of 2.79%.
In other Public Storage news, Director B Wayne Hughes, Jr. acquired 22,100 shares of the stock in a transaction dated Wednesday, June 8th. The stock was 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 document filed with the SEC, which is available through this link.
Other hedge funds have bought and sold shares of the company. Victory Capital Management Inc. boosted its stake in 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 worth $1,001,000 after buying an additional 2,272 shares during the last quarter. American Investment Services Inc. boosted its stake in 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 worth $1,082,000 after buying an additional 794 shares during the last quarter. Penserra Capital Management LLC acquired a new stake in Public Storage during the fourth quarter worth $1,839,000. L & S Advisors Inc acquired a new stake in Public Storage during the fourth quarter worth $1,857,000. Finally, Commerzbank Aktiengesellschaft FI boosted its stake in 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 worth $2,263,000 after buying an additional 4,386 shares during the last quarter.
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.