Investors Sell Public Storage (PSA) on Strength (PSA)
Traders sold shares of Public Storage (NYSE:PSA) on strength during trading hours on Friday. $32.06 million flowed into the stock on the tick-up and $56.80 million flowed out of the stock on the tick-down, for a money net flow of $24.74 million out of the stock. Of all companies tracked, Public Storage had the 10th highest net out-flow for the day. Public Storage traded up $2.09 for the day and closed at $253.74
Several research analysts have weighed in on the company. Cantor Fitzgerald restated a “hold” rating on shares of Public Storage in a research note on Sunday, May 22nd. Vetr upgraded Public Storage from a “sell” rating to a “hold” rating and set a $239.50 target price for the company in a research report on Monday, May 2nd. Barclays PLC increased their target price on Public Storage from $251.00 to $253.00 and gave the company an “equal weight” rating in a research report on Monday, May 2nd. Citigroup Inc. increased their target price 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, Zacks Investment Research downgraded Public Storage from a “buy” rating to a “hold” rating in a research report on Wednesday, May 11th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $240.35.
The stock has a market cap of $43.99 billion and a PE ratio of 40.74. The company’s 50-day moving average is $250.16 and its 200 day moving average is $254.59.
Public Storage (NYSE:PSA) last issued 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 Zacks’ consensus estimate of $2.19 by $0.09. During the same quarter in the previous year, the company earned $1.94 earnings per share. The firm earned $611 million during the quarter, compared to analysts’ expectations of $585.73 million. Public Storage’s revenue was up 8.3% on a year-over-year basis. Equities research analysts forecast that Public Storage will post $9.72 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th were paid a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a dividend yield of 2.84%. This is an increase from Public Storage’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, June 13th.
In other news, Director B Wayne Hughes, Jr. purchased 22,100 shares of the stock in a transaction dated Wednesday, June 8th. The shares were purchased at an average cost of $252.42 per share, with a total value of $5,578,482.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
Other institutional investors recently added to or reduced their stakes in the company. Alpine Woods Capital Investors LLC raised its position in Public Storage by 1.5% in the fourth quarter. Alpine Woods Capital Investors LLC now owns 26,665 shares of the real estate investment trust’s stock worth $6,605,000 after buying an additional 400 shares during the period. Ashburton Jersey Ltd bought a new position in Public Storage during the fourth quarter worth $1,610,000. Twin Capital Management Inc. raised its position in Public Storage by 0.6% in the fourth quarter. Twin Capital Management Inc. now owns 15,690 shares of the real estate investment trust’s stock worth $3,886,000 after buying an additional 100 shares during the period. Bank of Montreal Can raised its position in Public Storage by 0.9% in the fourth quarter. Bank of Montreal Can now owns 117,555 shares of the real estate investment trust’s stock worth $29,119,000 after buying an additional 1,030 shares during the period. Finally, GAM Holding AG raised its position in Public Storage by 30.7% in the fourth quarter. GAM Holding AG now owns 15,520 shares of the real estate investment trust’s stock worth $3,844,000 after buying an additional 3,642 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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