Traders Buy Public Storage (PSA) on Weakness
Traders purchased shares of Public Storage (NYSE:PSA) on weakness during trading hours on Thursday. $98.07 million flowed into the stock on the tick-up and $54.03 million flowed out of the stock on the tick-down, for a money net flow of $44.04 million into the stock. Of all companies tracked, Public Storage had the 3rd highest net in-flow for the day. Public Storage traded down ($2.90) for the day and closed at $230.55
Several equities analysts have recently weighed in on PSA shares. Goldman Sachs Group Inc. cut Public Storage from a “neutral” rating to a “sell” rating and set a $244.00 price objective on the stock. in a report on Monday, April 25th. Vetr cut Public Storage from a “hold” rating to a “sell” rating and set a $239.50 price objective on the stock. in a report on Monday, April 25th. Barclays PLC lifted 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. Royal Bank Of Canada boosted their target price on Public Storage from $235.00 to $243.00 and gave the company a “sector perform” rating in a research note on Wednesday, May 11th. Finally, Zacks Investment Research cut Public Storage from a “buy” rating to a “hold” rating in a research note on Wednesday, May 11th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $240.35.
The company’s 50-day moving average price is $247.86 and its 200 day moving average price is $253.86. The stock has a market cap of $40.29 billion and a PE ratio of 36.83.
Public Storage (NYSE:PSA) last announced its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $2.34 EPS for the quarter, missing the Zacks’ consensus estimate of $2.40 by $0.06. The business earned $634.20 million during the quarter, compared to analysts’ expectations of $607.28 million. During the same period in the previous year, the business earned $2.17 earnings per share. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, equities research analysts predict that Public Storage will post $9.73 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, September 14th will be paid a $1.80 dividend. The ex-dividend date is Monday, September 12th. This represents a $7.20 dividend on an annualized basis and a yield of 3.09%.
In other news, Director B Wayne Hughes, Jr. acquired 22,100 shares of Public Storage stock in a transaction on 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Several hedge funds and institutional investors recently bought and sold shares of the stock. Victory Capital Management Inc. raised its position 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 in the last quarter. Ashburton Jersey Ltd bought a new position in Public Storage during the fourth quarter worth $1,610,000. Advisors Asset Management Inc. raised its position in Public Storage by 41.0% in the fourth quarter. Advisors Asset Management Inc. now owns 14,291 shares of the real estate investment trust’s stock worth $3,540,000 after buying an additional 4,157 shares in the last quarter. I.G. Investment Management LTD. raised its position in 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 in the last quarter. Finally, 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 in the last quarter.
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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