Public Storage (PSA) Downgraded by Zacks Investment Research to “Sell”
According to Zacks, “Public Storage is experiencing rising supply in some of its markets, which is affecting the demand for its properties. Further, the company has a significant development and refurbishment pipeline that increases the operational risks and exposes the company to rising construction costs and entitlement delays. Further, any hike in interest rate can also pose a challenge for the company. Nevertheless, the company is a recognized and established name in the self-storage industry in the U.S. Its strong presence in key cities serves as a growth driver. Acquisition initiatives have also the capability to propagate growth.”
Other equities analysts have also issued research reports about the stock. Jefferies Group reduced their price target on shares of Public Storage from $270.00 to $245.00 and set a hold rating for the company in a research report on Wednesday, August 10th. Bank of America Corp. lowered shares of Public Storage from a buy rating to a neutral rating in a research report on Thursday, August 11th. FBR & Co began coverage on shares of Public Storage in a research report on Thursday, June 23rd. They set a market perform rating and a $250.00 price target for the company. KeyCorp lowered shares of Public Storage from a sector weight rating to an underweight rating and set a $230.00 price target for the company. in a research report on Friday, July 15th. Finally, Evercore ISI upgraded shares of Public Storage from a sell rating to a hold rating and set a $228.00 price target for the company in a research report on Monday, August 22nd. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $243.24.
Shares of Public Storage (NYSE:PSA) opened at 222.94 on Tuesday. The company has a market cap of $38.66 billion, a P/E ratio of 35.28 and a beta of 0.68. The stock’s 50 day moving average is $223.59 and its 200 day moving average is $247.71. Public Storage has a 12 month low of $209.52 and a 12 month high of $277.60.
Public Storage (NYSE:PSA) last posted its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $2.34 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.40 by $0.06. The company had revenue of $634.20 million for the quarter, compared to the consensus estimate of $607.28 million. Public Storage had a net margin of 52.53% and a return on equity of 25.44%. Public Storage’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.17 EPS. On average, analysts anticipate that Public Storage will post $9.63 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, September 14th will be paid a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend is Monday, September 12th. Public Storage’s payout ratio is 113.92%.
In other Public Storage news, insider John Reyes sold 30,000 shares of the firm’s stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $215.41, for a total transaction of $6,462,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 14.20% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Washington Trust Bank raised its position in Public Storage by 7.4% in the second quarter. Washington Trust Bank now owns 420 shares of the real estate investment trust’s stock valued at $107,000 after buying an additional 29 shares in the last quarter. Quadrant Capital Group LLC raised its position in Public Storage by 1.2% in the second quarter. Quadrant Capital Group LLC now owns 516 shares of the real estate investment trust’s stock valued at $127,000 after buying an additional 6 shares in the last quarter. Global X Management Co. LLC raised its position in Public Storage by 23.4% in the second quarter. Global X Management Co. LLC now owns 501 shares of the real estate investment trust’s stock valued at $128,000 after buying an additional 95 shares in the last quarter. WFG Advisors LP raised its position in Public Storage by 0.6% in the second quarter. WFG Advisors LP now owns 520 shares of the real estate investment trust’s stock valued at $133,000 after buying an additional 3 shares in the last quarter. Finally, Capital Advisors Ltd. LLC raised its position in Public Storage by 35.4% in the second quarter. Capital Advisors Ltd. LLC now owns 555 shares of the real estate investment trust’s stock valued at $142,000 after buying an additional 145 shares in the last quarter. 77.98% of the stock is owned by institutional investors and hedge funds.
About Public Storage
Public Storage is a real estate investment trust. The Company’s 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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