Investors Sell Public Storage (PSA) on Strength (PSA)
Traders sold shares of Public Storage (NYSE:PSA) on strength during trading hours on Wednesday. $32.82 million flowed into the stock on the tick-up and $102.91 million flowed out of the stock on the tick-down, for a money net flow of $70.09 million out of the stock. Of all companies tracked, Public Storage had the 0th highest net out-flow for the day. Public Storage traded up $0.17 for the day and closed at $223.94
Several brokerages have recently issued reports on PSA. Cantor Fitzgerald reissued a “hold” rating on shares of Public Storage in a research report on Sunday, May 22nd. Jefferies Group decreased their target price on Public Storage from $270.00 to $245.00 and set a “hold” rating for the company in a research report on Wednesday, August 10th. Citigroup Inc. increased their target price on Public Storage from $240.00 to $260.00 and gave the stock a “neutral” rating in a research report on Friday, May 13th. Bank of America Corp. lowered Public Storage from a “buy” rating to a “neutral” rating in a research report on Thursday, August 11th. Finally, Zacks Investment Research lowered Public Storage from a “buy” rating to a “hold” rating in a research report on Wednesday, May 11th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $241.26.
The stock has a market cap of $38.83 billion and a PE ratio of 35.44. The firm’s 50-day moving average is $236.45 and its 200-day moving average is $251.71.
Public Storage (NYSE:PSA) last issued its quarterly earnings data 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 company had revenue of $634.20 million for the quarter, compared to the consensus estimate of $607.28 million. During the same period last year, the business earned $2.17 earnings per share. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. Equities analysts predict that Public Storage will post $9.64 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, September 14th will be paid a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend is Monday, September 12th.
In other Public Storage news, Director B Wayne Hughes, Jr. acquired 22,100 shares of Public Storage stock in a transaction that occurred on Wednesday, June 8th. The stock was bought at an average price of $252.42 per share, with a total value of $5,578,482.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of institutional investors have modified their holdings of PSA. I.G. Investment Management LTD. increased its position 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 worth $4,570,000 after buying an additional 474 shares during the period. American International Group Inc. increased its position 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 during the period. Dimensional Fund Advisors LP increased its position in shares of Public Storage by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,866,004 shares of the real estate investment trust’s stock worth $462,216,000 after buying an additional 36,783 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its position 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 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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