Public Storage (NYSE:PSA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released 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.”
A number of other research analysts have also recently issued reports on the company. KeyCorp reaffirmed a “sell” rating and issued a $184.00 price target on shares of Public Storage in a report on Wednesday. Evercore ISI reaffirmed an “underperform” rating and issued a $204.00 price target (up from $197.00) on shares of Public Storage in a report on Thursday. Barclays PLC cut their price target on Public Storage from $216.00 to $209.00 and set an “equal weight” rating for the company in a report on Tuesday, July 18th. BidaskClub raised Public Storage from a “strong sell” rating to a “sell” rating in a report on Friday, June 16th. Finally, Jefferies Group LLC set a $210.00 price target on Public Storage and gave the company a “hold” rating in a report on Thursday, August 17th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $214.91.
Public Storage (NYSE PSA) opened at 214.15 on Friday. The firm has a market cap of $37.26 billion, a PE ratio of 30.55 and a beta of 0.42. The firm’s 50-day moving average is $204.54 and its 200 day moving average is $212.77. Public Storage has a 1-year low of $192.15 and a 1-year high of $232.21.
Public Storage (NYSE:PSA) last issued its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 EPS for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $624.20 million during the quarter, compared to analyst estimates of $626.27 million. During the same quarter in the prior year, the firm posted $2.40 EPS. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. On average, equities analysts forecast that Public Storage will post $7.22 earnings per share for the current fiscal year.
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In other news, Director Ronald P. Spogli acquired 2,000 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was purchased at an average cost 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 available at this hyperlink. Insiders own 14.42% of the company’s stock.
Large investors have recently made changes to their positions in the business. Israel Discount Bank of New York bought a new stake in Public Storage during the 1st quarter worth about $100,000. Bessemer Group Inc. bought a new stake in Public Storage during the 2nd quarter worth about $105,000. Northwestern Mutual Wealth Management Co. increased 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 acquiring an additional 75 shares during the last quarter. CENTRAL TRUST Co increased 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 acquiring an additional 169 shares during the last quarter. Finally, Guardian Life Insurance Co. of America increased 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 acquiring an additional 5 shares during the last quarter. 80.22% of the stock is owned by hedge funds and other institutional investors.
Public Storage Company Profile
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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