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 equities 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
PSA has been the subject of a number of research reports. Barclays PLC boosted their price objective on Public Storage from $251.00 to $253.00 and gave the company an “equal weight” rating in a research note on Monday, May 2nd. Vetr upgraded Public Storage from a “sell” rating to a “hold” rating and set a $239.50 price objective for the company in a research note on Monday, May 2nd. Zacks Investment Research cut Public Storage from a “buy” rating to a “hold” rating in a research note on Wednesday, May 11th. Cantor Fitzgerald reiterated a “hold” rating on shares of Public Storage in a research note on Sunday, May 22nd. Finally, Jefferies Group reduced their price objective on Public Storage from $270.00 to $245.00 and set a “hold” rating for the company in a research note on Wednesday, August 10th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $241.10.
The stock has a market cap of $38.85 billion and a P/E ratio of 35.45. The company has a 50 day moving average price of $243.06 and a 200-day moving average price of $252.47.
Public Storage (NYSE:PSA) last released its earnings results on Thursday, July 28th. The real estate investment trust reported $2.34 EPS for the quarter, missing analysts’ consensus estimates of $2.40 by $0.06. The business earned $634.20 million during the quarter, compared to the consensus estimate of $607.28 million. The firm’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.17 earnings per share. Analysts predict that Public Storage will post $9.67 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, September 14th will be issued a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend is Monday, September 12th.
In related news, Director B Wayne Hughes, Jr. purchased 22,100 shares of the business’s stock in a transaction that occurred on Wednesday, June 8th. The shares were acquired at an average price of $252.42 per share, with a total value of $5,578,482.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.
Other hedge funds recently made changes to their positions in the company. I.G. Investment Management LTD. increased its stake in shares of 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 valued at $4,570,000 after buying an additional 474 shares during the period. Victory Capital Management Inc. increased its stake 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. 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 valued at $11,299,000 after buying an additional 2,640 shares during the period. 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 valued at $16,423,000 after buying an additional 8,877 shares during the period. 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 valued at $33,794,000 after buying an additional 26,913 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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