Public Storage (NYSE:PSA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.

According to Zacks, “Public Storage is a recognized and established name in the self-storage industry in the United States. Further, the company is benefiting from decent industry fundamentals and expansion efforts. The company’s better-than expected third-quarter 2018 core funds from operations (FFO) per share reflected improvement in net operating income (NOI) from same-store and non-same store facilities. Higher realized annual rent per occupied square foot supported the company’s same-store performance. However, shares of Public Storage have underperformed the industry it belongs to, in the past three months. Moreover, the trend in estimate revisions of current-quarter FFO per share does not indicate a favorable outlook for the company. Notably, supply has been rising in a number of its markets. This limits its power to raise rents and turn on more discounting. Additionally, rate hike has added to its woes.”

A number of other research analysts have also recently weighed in on the company. Goldman Sachs Group cut Public Storage from a “neutral” rating to a “sell” rating in a report on Wednesday, August 22nd. Citigroup cut their price objective on Public Storage from $235.00 to $202.00 and set a “hold” rating on the stock in a research report on Friday, October 5th. BMO Capital Markets reissued a “sell” rating and issued a $194.00 price objective on shares of Public Storage in a research report on Wednesday, August 1st. Finally, Barclays reissued a “hold” rating and issued a $208.00 price objective on shares of Public Storage in a research report on Wednesday, August 8th. Six research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. Public Storage currently has a consensus rating of “Hold” and a consensus target price of $205.54.

Shares of Public Storage stock opened at $208.70 on Tuesday. Public Storage has a twelve month low of $180.48 and a twelve month high of $234.90. The firm has a market capitalization of $36.98 billion, a P/E ratio of 20.40, a PEG ratio of 4.19 and a beta of 0.13. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.06 and a current ratio of 1.05.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, October 30th. The real estate investment trust reported $1.85 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.85. Public Storage had a return on equity of 30.87% and a net margin of 55.38%. The firm had revenue of $706.37 million for the quarter, compared to analysts’ expectations of $704.51 million. During the same quarter last year, the firm earned $1.61 earnings per share. As a group, equities research analysts predict that Public Storage will post 10.51 EPS for the current year.

In other news, CEO Ronald L. Havner, Jr. sold 100,000 shares of Public Storage stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $211.54, for a total transaction of $21,154,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gary E. Pruitt sold 5,000 shares of Public Storage stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $203.35, for a total value of $1,016,750.00. Following the sale, the director now directly owns 8,350 shares in the company, valued at $1,697,972.50. The disclosure for this sale can be found here. Company insiders own 14.00% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. TLP Group LLC purchased a new stake in shares of Public Storage during the third quarter worth about $124,000. Quad Cities Investment Group LLC purchased a new stake in shares of Public Storage during the second quarter worth about $151,000. Landaas & Co. WI ADV purchased a new stake in shares of Public Storage during the second quarter worth about $156,000. Parallel Advisors LLC increased its position in shares of Public Storage by 61.7% during the second quarter. Parallel Advisors LLC now owns 765 shares of the real estate investment trust’s stock worth $173,000 after acquiring an additional 292 shares during the last quarter. Finally, Columbia Asset Management purchased a new stake in shares of Public Storage during the third quarter worth about $155,000. 81.25% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Company Profile

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. The Company's headquarters are located in Glendale, California. At June 30, 2018, we had interests in 2,402 self-storage facilities located in 38 states with approximately 160 million net rentable square feet in the United States and 228 storage facilities located in seven Western European nations with approximately 12 million net rentable square feet operated under the “Shurgard” brand.

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