Public Storage’s (PSA) “Underperform” Rating Reiterated at Evercore ISI
Evercore ISI reaffirmed their underperform rating on shares of Public Storage (NYSE:PSA) in a research note issued to investors on Thursday morning. The firm currently has a $204.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $197.00.
Other equities research analysts have also recently issued reports about the stock. Argus dropped their price target on shares of Public Storage from $260.00 to $250.00 and set a buy rating for the company in a research report on Tuesday, August 1st. 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 report on Tuesday, July 18th. Zacks Investment Research upgraded shares of Public Storage from a sell rating to a hold rating in a report on Monday, July 17th. Jefferies Group LLC restated a hold rating and issued a $222.00 price objective on shares of Public Storage in a report on Friday, July 14th. Finally, 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 report on Thursday, July 20th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $214.91.
Public Storage (PSA) opened at 214.15 on Thursday. The firm has a 50-day moving average of $204.54 and a 200-day moving average of $212.77. Public Storage has a 52 week low of $192.15 and a 52 week high of $232.21. The company has a market capitalization of $37.26 billion, a P/E ratio of 30.55 and a beta of 0.42.
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 analysts’ consensus estimates of $2.54 by ($0.95). Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The company had revenue of $624.20 million for the quarter, compared to analyst estimates of $626.27 million. During the same quarter in the prior year, the business earned $2.40 earnings per share. Public Storage’s revenue was up 5.0% on a year-over-year basis. Analysts anticipate that Public Storage will post $7.22 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 3.74%. The ex-dividend date is Tuesday, September 12th. Public Storage’s dividend payout ratio (DPR) is presently 113.96%.
In other news, Director Ronald P. Spogli purchased 2,000 shares of the stock in a transaction on Thursday, August 3rd. The stock was bought at an average price of $200.59 per share, for a total transaction of $401,180.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 14.42% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Intl Fcstone Inc. acquired a new position in Public Storage during the 2nd quarter worth approximately $415,000. Brookfield Asset Management Inc. grew its holdings in Public Storage by 25.8% during the 2nd quarter. Brookfield Asset Management Inc. now owns 727,314 shares of the real estate investment trust’s stock worth $151,667,000 after acquiring an additional 149,004 shares in the last quarter. Atlantic Trust LLC grew its holdings in Public Storage by 138.5% during the 2nd quarter. Atlantic Trust LLC now owns 1,550 shares of the real estate investment trust’s stock worth $627,000 after acquiring an additional 900 shares in the last quarter. Toronto Dominion Bank grew its holdings in Public Storage by 25.9% during the 2nd quarter. Toronto Dominion Bank now owns 50,726 shares of the real estate investment trust’s stock worth $10,575,000 after acquiring an additional 10,420 shares in the last quarter. Finally, Cetera Investment Advisers acquired a new position in Public Storage during the 2nd quarter worth approximately $646,000. Institutional investors own 80.22% 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.
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