Public Storage (PSA) Coverage Initiated at BMO Capital Markets
BMO Capital Markets began coverage on shares of Public Storage (NYSE:PSA) in a research note released on Monday morning, Marketbeat Ratings reports. The firm issued an underperform rating and a $193.00 price objective on the real estate investment trust’s stock.
PSA has been the topic of several other reports. Zacks Investment Research cut Public Storage from a hold rating to a sell rating in a research note on Tuesday, July 11th. BidaskClub cut Public Storage from a sell rating to a strong sell rating in a research note on Monday, July 31st. Barclays PLC reduced their price objective on Public Storage from $216.00 to $209.00 and set an equal weight rating on the stock in a research note on Tuesday, July 18th. Argus reduced their price objective on Public Storage from $260.00 to $250.00 and set a buy rating on the stock in a research note on Tuesday, August 1st. Finally, Cantor Fitzgerald reduced their price objective on Public Storage from $222.00 to $216.00 and set a neutral rating on the stock in a research note on Monday, May 22nd. Five research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $214.91.
Public Storage (PSA) opened at 212.51 on Monday. The stock has a market capitalization of $36.98 billion, a P/E ratio of 30.31 and a beta of 0.42. Public Storage has a one year low of $192.15 and a one year high of $232.21. The stock has a 50 day moving average price of $204.09 and a 200-day moving average price of $212.87.
Public Storage (NYSE:PSA) last announced its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.54 by ($0.95). The company had revenue of $624.20 million during the quarter, compared to analyst estimates of $626.27 million. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The firm’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.40 earnings per share. Analysts anticipate that Public Storage will post $7.22 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 3.76%. The ex-dividend date of this dividend is Tuesday, September 12th. Public Storage’s dividend payout ratio (DPR) is presently 113.96%.
In other Public Storage news, Director Ronald P. Spogli bought 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were purchased at an average price of $200.59 per share, with a total value of $401,180.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 14.42% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Israel Discount Bank of New York purchased a new position in Public Storage in the first quarter valued at $100,000. Bessemer Group Inc. purchased a new position in shares of Public Storage during the second quarter worth about $105,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Public Storage by 15.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 566 shares of the real estate investment trust’s stock worth $119,000 after purchasing an additional 75 shares during the last quarter. Guardian Life Insurance Co. of America grew its holdings in shares of Public Storage by 0.9% during the first quarter. Guardian Life Insurance Co. of America now owns 576 shares of the real estate investment trust’s stock worth $126,000 after purchasing an additional 5 shares during the last quarter. Finally, CENTRAL TRUST Co grew its holdings in shares of Public Storage by 41.3% during the second quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock worth $121,000 after purchasing an additional 169 shares during the last quarter. 80.22% of the stock is currently owned by hedge funds and other institutional investors.
Public Storage Company Profile
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.
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