Public Storage (PSA) Upgraded to Hold by Zacks Investment Research
Public Storage (NYSE:PSA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday.
According to Zacks, “Shares of Public Storage outperformed its industry, in a month’s time. Moreover, the stock has seen the Zacks Consensus Estimate for current-year funds from operations (FFO) per share being unchanged over the past seven days. Notably, Public Storage is one of the largest owners and operators of storage facilities in the U.S. The brand is the most recognized and established name in the self-storage industry, with presence in all major metropolitan markets of the nation. Moreover, the company’s acquisition and expansion efforts look encouraging. Recently, Public Storage disclosed the opening of its 116th facility in Houston. It also has a healthy balance-sheet position. However, there is softness in demand, with customers remaining under stress due to the current economic environment. Further, supply has been rising in a number of markets and this affects the company’s pricing power and occupancy level.”
Several other analysts have also recently issued reports on the stock. Cantor Fitzgerald dropped their price objective on shares of Public Storage from $222.00 to $216.00 and set a “neutral” rating for the company in a research note on Monday, May 22nd. Barclays PLC dropped their price objective on shares of Public Storage from $216.00 to $209.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 18th. Bank of America Corporation dropped their price objective on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a research note on Thursday, July 20th. Jefferies Group LLC reaffirmed a “hold” rating and set a $222.00 price objective on shares of Public Storage in a research note on Friday, July 14th. Finally, BidaskClub raised shares of Public Storage from a “strong sell” rating to a “sell” rating in a research note on Friday, June 16th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $214.91.
Public Storage (NYSE PSA) traded down 0.059% on Friday, reaching $212.435. The company had a trading volume of 339,222 shares. The company’s 50-day moving average price is $204.09 and its 200 day moving average price is $212.87. Public Storage has a 1-year low of $192.15 and a 1-year high of $232.21. The firm has a market capitalization of $36.96 billion, a P/E ratio of 30.305 and a beta of 0.42.
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). Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The business had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $626.27 million. During the same period in the prior year, the company posted $2.40 EPS. The firm’s revenue was up 5.0% on a year-over-year basis. On average, equities analysts forecast that Public Storage will post $7.22 EPS for the current year.
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In other news, Director Ronald P. Spogli purchased 2,000 shares of the company’s stock in a transaction dated Thursday, August 3rd. The stock was acquired at an average price of $200.59 per share, with a total value of $401,180.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 14.42% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Israel Discount Bank of New York purchased a new stake in shares of Public Storage in the 1st quarter valued at approximately $100,000. Bessemer Group Inc. purchased a new stake in shares of Public Storage in the 2nd quarter valued at approximately $105,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of Public Storage by 15.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 566 shares of the real estate investment trust’s stock valued at $119,000 after buying an additional 75 shares during the period. CENTRAL TRUST Co grew its stake in shares of Public Storage by 41.3% in the 2nd quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock valued at $121,000 after buying an additional 169 shares during the period. Finally, Guardian Life Insurance Co. of America grew its stake in shares of Public Storage by 0.9% in the 1st quarter. Guardian Life Insurance Co. of America now owns 576 shares of the real estate investment trust’s stock valued at $126,000 after buying an additional 5 shares during the period. 80.22% of the stock is owned by institutional investors and hedge funds.
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.
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