Jefferies Group Analysts Raise Earnings Estimates for Public Storage (PSA)
Public Storage (NYSE:PSA) – Equities research analysts at Jefferies Group increased their FY2018 EPS estimates for Public Storage in a research note issued to investors on Monday. Jefferies Group analyst G. Hoglund now forecasts that the real estate investment trust will post earnings per share of $10.71 for the year, up from their previous forecast of $10.67. Jefferies Group has a “Hold” rating and a $210.00 price objective on the stock.
Several other analysts also recently issued reports on the company. BMO Capital Markets assumed coverage on Public Storage in a research note on Monday, September 11th. They set an “underperform” rating and a $193.00 price target for the company. Evercore ISI reiterated an “underperform” rating and set a $204.00 price target (up previously from $197.00) on shares of Public Storage in a research note on Thursday, September 14th. Zacks Investment Research downgraded Public Storage from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Barclays PLC decreased their price target on 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. Finally, BidaskClub downgraded Public Storage from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Four equities research 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. Public Storage currently has an average rating of “Hold” and a consensus price target of $214.73.
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Shares of Public Storage (PSA) traded down 0.06% during mid-day trading on Wednesday, reaching $215.09. The company’s stock had a trading volume of 834,864 shares. Public Storage has a 52-week low of $192.15 and a 52-week high of $232.21. The firm’s 50 day moving average is $213.27 and its 200-day moving average is $211.27. The company has a market capitalization of $37.43 billion, a PE ratio of 30.68 and a beta of 0.44.
Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.54 by ($0.95). Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The business had revenue of $624.20 million during the quarter, compared to analyst estimates of $626.27 million. During the same period in the previous year, the business posted $2.40 earnings per share. The firm’s quarterly revenue was up 5.0% on a year-over-year basis.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 28th. Investors of record on Wednesday, September 13th were given a dividend of $2.00 per share. The ex-dividend date was Tuesday, September 12th. This represents a $8.00 annualized dividend and a dividend yield of 3.72%. Public Storage’s dividend payout ratio is presently 113.96%.
In other Public Storage news, Director Ronald P. Spogli acquired 2,000 shares of the business’s stock in a transaction that occurred on 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 legal filing with the SEC, which is accessible through this hyperlink. 14.42% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Public Storage by 3.4% during the 2nd quarter. Vanguard Group Inc. now owns 22,057,097 shares of the real estate investment trust’s stock worth $4,599,567,000 after purchasing an additional 727,573 shares during the last quarter. BlackRock Inc. lifted its position in shares of Public Storage by 3.5% during the 2nd quarter. BlackRock Inc. now owns 14,657,306 shares of the real estate investment trust’s stock worth $3,056,489,000 after purchasing an additional 489,998 shares during the last quarter. APG Asset Management US Inc. lifted its position in shares of Public Storage by 3.3% during the 2nd 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 purchasing an additional 136,388 shares during the last quarter. Capital World Investors lifted its position in shares of Public Storage by 93.3% during the 2nd quarter. Capital World Investors now owns 4,036,000 shares of the real estate investment trust’s stock worth $841,627,000 after purchasing an additional 1,948,000 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Public Storage by 20.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,161,559 shares of the real estate investment trust’s stock valued at $659,280,000 after acquiring an additional 537,289 shares in the last quarter. 80.04% 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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