Public Storage (NYSE:PSA) – Equities research analysts at Jefferies Group dropped their Q2 2017 EPS estimates for shares of Public Storage in a note issued to investors on Friday. Jefferies Group analyst G. Hoglund now forecasts that the real estate investment trust will post earnings of $2.53 per share for the quarter, down from their previous estimate of $2.54. Jefferies Group currently has a “Hold” rating and a $222.00 target price on the stock. Jefferies Group also issued estimates for Public Storage’s FY2018 earnings at $10.80 EPS.
Public Storage (NYSE:PSA) last released its quarterly earnings data on Wednesday, April 26th. The real estate investment trust reported $2.37 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.42 by $0.05. Public Storage had a return on equity of 27.74% and a net margin of 54.13%. The business had revenue of $645.55 million for the quarter, compared to analyst estimates of $615.23 million. During the same quarter in the previous year, the company posted $2.21 EPS. The business’s quarterly revenue was up 5.5% on a year-over-year basis.
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Several other research firms have also recently weighed in on PSA. Zacks Investment Research cut shares of Public Storage from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Cantor Fitzgerald cut their price target on shares of Public Storage from $222.00 to $216.00 and set a “neutral” rating on the stock in a report on Monday, May 22nd. Barclays PLC boosted their target price on shares of Public Storage from $222.00 to $224.00 and gave the company an “equal weight” rating in a report on Wednesday, April 19th. BidaskClub upgraded shares of Public Storage from a “strong sell” rating to a “sell” rating in a report on Friday, June 16th. Finally, BMO Capital Markets restated a “hold” rating and set a $210.00 target price on shares of Public Storage in a report on Wednesday, March 22nd. Three investment analysts have rated the stock with a sell rating, ten 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 a consensus price target of $226.64.
Public Storage (NYSE PSA) opened at 207.59 on Monday. The firm has a market cap of $36.09 billion, a P/E ratio of 29.49 and a beta of 0.41. Public Storage has a 12-month low of $200.65 and a 12-month high of $255.21. The firm’s 50-day moving average is $211.93 and its 200 day moving average is $218.32.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 29th. Investors of record on Wednesday, June 14th were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date was Monday, June 12th. Public Storage’s payout ratio is 113.64%.
In related news, insider John Reyes sold 65,000 shares of the company’s stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $208.44, for a total value of $13,548,600.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 14.42% of the company’s stock.
A number of institutional investors have recently made changes to their positions in PSA. BlackRock Inc. boosted its position in shares of Public Storage by 2,552.4% in the first quarter. BlackRock Inc. now owns 14,167,308 shares of the real estate investment trust’s stock worth $3,101,367,000 after buying an additional 13,633,185 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Public Storage by 109.6% in the first quarter. Daiwa Securities Group Inc. now owns 2,034,261 shares of the real estate investment trust’s stock worth $445,320,000 after buying an additional 1,063,521 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Public Storage by 87.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,477,786 shares of the real estate investment trust’s stock worth $323,502,000 after buying an additional 688,042 shares during the last quarter. Brookfield Asset Management Inc. purchased a new position in shares of Public Storage during the fourth quarter worth about $103,852,000. Finally, Morgan Stanley boosted its position in shares of Public Storage by 16.3% in the first quarter. Morgan Stanley now owns 2,751,504 shares of the real estate investment trust’s stock worth $602,333,000 after buying an additional 385,136 shares during the last quarter. Institutional investors own 79.54% 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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