Traders Buy Public Storage (PSA) on Weakness
Traders purchased shares of Public Storage (NYSE:PSA) on weakness during trading hours on Thursday. $67.21 million flowed into the stock on the tick-up and $27.33 million flowed out of the stock on the tick-down, for a money net flow of $39.88 million into the stock. Of all companies tracked, Public Storage had the 9th highest net in-flow for the day. Public Storage traded down ($0.60) for the day and closed at $205.34
Several brokerages recently commented on PSA. Zacks Investment Research lowered Public Storage from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. Jefferies Group LLC set a $210.00 price objective on Public Storage and gave the stock a “hold” rating in a report on Thursday, August 17th. BidaskClub lowered Public Storage from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Argus cut their price objective on Public Storage from $260.00 to $250.00 and set a “buy” rating for the company in a report on Tuesday, August 1st. Finally, Bank of America Corporation cut their price objective on Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a report on Thursday, July 20th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $219.80.
The company has a market capitalization of $35.82 billion, a price-to-earnings ratio of 29.37 and a beta of 0.42. The stock’s 50 day moving average is $203.53 and its 200-day moving average is $213.58.
Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing the consensus estimate of $2.54 by $0.95. The company had revenue of $624.20 million for the quarter, compared to analyst estimates of $626.27 million. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. Public Storage’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the prior year, the business posted $2.40 earnings per share. On average, equities research analysts expect that Public Storage will post $7.09 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 3.89%. The ex-dividend date of this dividend is Tuesday, September 12th. Public Storage’s dividend payout ratio is currently 113.96%.
In other news, insider John Reyes sold 60,000 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $207.11, for a total transaction of $12,426,600.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Ronald P. Spogli bought 2,000 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were acquired at an average price of $200.59 per share, for a total transaction of $401,180.00. The disclosure for this purchase can be found here. 14.42% of the stock is currently owned by company insiders.
Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Public Storage by 3.4% in the second quarter. Vanguard Group Inc. now owns 22,057,097 shares of the real estate investment trust’s stock worth $4,599,567,000 after buying an additional 727,573 shares during the period. BlackRock Inc. boosted its stake in Public Storage by 3.5% in the second quarter. BlackRock Inc. now owns 14,657,306 shares of the real estate investment trust’s stock worth $3,056,489,000 after buying an additional 489,998 shares during the period. APG Asset Management US Inc. boosted its stake in Public Storage by 3.3% in the second quarter. APG Asset Management US Inc. now owns 4,212,811 shares of the real estate investment trust’s stock worth $878,497,000 after buying an additional 136,388 shares during the period. Capital World Investors boosted its stake in Public Storage by 93.3% in the second quarter. Capital World Investors now owns 4,036,000 shares of the real estate investment trust’s stock worth $841,627,000 after buying an additional 1,948,000 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Public Storage by 20.5% in the second quarter. JPMorgan Chase & Co. now owns 3,161,559 shares of the real estate investment trust’s stock worth $659,280,000 after buying an additional 537,289 shares during the period. Hedge funds and other institutional investors own 80.21% of the company’s stock.
About Public Storage
Public Storage is a real estate investment trust (REIT). The Company’s principal 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.