Traders Sell Public Storage (PSA) on Strength (PSA)
Investors sold shares of Public Storage (NYSE:PSA) on strength during trading hours on Thursday. $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 stocks 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 equities research analysts have issued reports on the company. Zacks Investment Research downgraded Public Storage from a “buy” rating to a “hold” rating in a report on Wednesday, May 11th. Royal Bank Of Canada raised their price target on Public Storage from $235.00 to $243.00 and gave the company a “sector perform” rating in a report on Wednesday, May 11th. Citigroup Inc. raised their price target on Public Storage from $240.00 to $260.00 and gave the company a “neutral” rating in a report on Friday, May 13th. KeyCorp downgraded Public Storage from a “sector weight” rating to an “underweight” rating and set a $230.00 price target for the company. in a report on Friday, July 15th. Finally, Cantor Fitzgerald reaffirmed a “hold” rating on shares of Public Storage in a report on Sunday, May 22nd. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $241.26.
The firm has a market cap of $39.33 billion and a PE ratio of 35.89. The stock’s 50-day moving average price is $235.08 and its 200-day moving average price is $251.53.
Public Storage (NYSE:PSA) last announced its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $2.34 earnings per share (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 analysts’ expectations of $607.28 million. During the same period in the previous year, the business earned $2.17 EPS. Public Storage’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, equities analysts forecast that Public Storage will post $9.64 EPS for the current year.
The firm 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 of this dividend is Monday, September 12th. This represents a $7.20 dividend on an annualized basis and a yield of 3.17%.
In other Public Storage 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, for a total transaction of $5,578,482.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.
A number of hedge funds and institutional investors have made changes to their positions in PSA. 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. Schwab Charles Investment Management Inc. increased its position in 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 valued at $214,937,000 after buying an additional 79,842 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in 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 valued at $462,216,000 after buying an additional 36,783 shares during 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.