Traders Buy Shares of Public Storage (PSA) on Weakness
Traders purchased shares of Public Storage (NYSE:PSA) on weakness during trading hours on Friday. $128.89 million flowed into the stock on the tick-up and $51.02 million flowed out of the stock on the tick-down, for a money net flow of $77.87 million into the stock. Of all companies tracked, Public Storage had the 8th highest net in-flow for the day. Public Storage traded down ($2.71) for the day and closed at $224.03
A number of equities analysts have issued reports on the company. Jefferies Group cut their target price on Public Storage from $270.00 to $245.00 and set a “hold” rating on the stock in a research report on Wednesday, August 10th. FBR & Co assumed coverage on Public Storage in a research report on Thursday, June 23rd. They issued a “market perform” rating and a $250.00 target price on the stock. Bank of America Corp. lowered Public Storage from a “buy” rating to a “neutral” rating in a research report on Thursday, August 11th. KeyCorp lowered Public Storage from a “sector weight” rating to an “underweight” rating and set a $230.00 target price on the stock. in a research report on Friday, July 15th. Finally, Goldman Sachs Group Inc. lowered Public Storage from a “neutral” rating to a “sell” rating and set a $244.00 target price on the stock. in a research report on Monday, April 25th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company’s stock. Public Storage currently has an average rating of “Hold” and a consensus target price of $241.10.
The stock has a 50-day moving average of $243.06 and a 200-day moving average of $252.47. The firm has a market capitalization of $38.85 billion and a P/E ratio of 35.45.
Public Storage (NYSE:PSA) last announced its earnings results on Thursday, July 28th. The real estate investment trust reported $2.34 earnings per share for the quarter, missing the 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 last year, the firm posted $2.17 EPS. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. Equities analysts expect that Public Storage will post $9.67 EPS 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 given a $1.80 dividend. 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 3.21%.
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 bought at an average price of $252.42 per share, for a total transaction of $5,578,482.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website.
Several hedge funds have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. increased its stake 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 in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Public Storage during the fourth quarter worth approximately $2,180,000. American International Group Inc. increased its stake 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 in the last quarter. KBC Group NV increased its stake in shares of Public Storage by 6.1% in the fourth quarter. KBC Group NV now owns 45,615 shares of the real estate investment trust’s stock worth $11,299,000 after buying an additional 2,640 shares in the last quarter. Finally, State of Tennessee Treasury Department increased its stake in shares of Public Storage by 24.6% in the fourth quarter. State of Tennessee Treasury Department now owns 136,431 shares of the real estate investment trust’s stock worth $33,794,000 after buying an additional 26,913 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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