Q3 2016 Earnings Forecast for Public Storage Issued By FBR & Co (PSA)
Public Storage (NYSE:PSA) – Investment analysts at FBR & Co reduced their Q3 2016 EPS estimates for Public Storage in a research report issued to clients and investors on Friday. FBR & Co analyst D. Corak now anticipates that the firm will earn $2.52 per share for the quarter, down from their previous estimate of $2.55. FBR & Co has a “Marketperform” rating and a $250.00 price objective on the stock. FBR & Co also issued estimates for Public Storage’s Q4 2016 earnings at $2.61 EPS, FY2016 earnings at $9.56 EPS, Q2 2017 earnings at $2.57 EPS, Q3 2017 earnings at $2.67 EPS, Q4 2017 earnings at $2.81 EPS, FY2017 earnings at $10.41 EPS and FY2018 earnings at $11.21 EPS.
PSA has been the subject of a number of other reports. KeyCorp decreased their target price on Public Storage from $220.00 to $205.00 and set an “underweight” rating for the company in a report on Monday, September 12th. Zacks Investment Research lowered Public Storage from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. Cantor Fitzgerald reiterated a “hold” rating on shares of Public Storage in a report on Friday, August 26th. Evercore ISI upgraded Public Storage from a “sell” rating to a “hold” rating and set a $228.00 target price for the company in a report on Monday, August 22nd. Finally, Bank of America Corp. lowered Public Storage from a “buy” rating to a “neutral” rating in a report on Thursday, August 11th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $243.24.
Shares of Public Storage (NYSE:PSA) opened at 209.72 on Monday. The stock has a market cap of $36.37 billion, a P/E ratio of 33.19 and a beta of 0.61. Public Storage has a 52 week low of $207.06 and a 52 week high of $277.60. The stock has a 50 day moving average price of $219.85 and a 200-day moving average price of $244.24.
Public Storage (NYSE:PSA) last issued its earnings results on Thursday, July 28th. The real estate investment trust reported $2.34 EPS for the quarter, missing analysts’ consensus estimates of $2.40 by $0.06. Public Storage had a return on equity of 25.44% and a net margin of 52.53%. The company earned $634.20 million during the quarter, compared to analysts’ expectations of $607.28 million. During the same quarter in the previous year, the company earned $2.17 EPS. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Wednesday, September 14th were given a $1.80 dividend. This represents a $7.20 annualized dividend and a yield of 3.43%. The ex-dividend date of this dividend was Monday, September 12th. Public Storage’s dividend payout ratio (DPR) is presently 113.92%.
In related news, insider John Reyes sold 30,000 shares of the business’s stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $215.41, for a total value of $6,462,300.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 14.20% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund raised its stake in shares of Public Storage by 62.5% in the third quarter. Oregon Public Employees Retirement Fund now owns 57,176 shares of the real estate investment trust’s stock worth $12,758,000 after buying an additional 22,000 shares in the last quarter. Gofen & Glossberg LLC IL raised its stake in shares of Public Storage by 35.4% in the third quarter. Gofen & Glossberg LLC IL now owns 42,183 shares of the real estate investment trust’s stock worth $9,413,000 after buying an additional 11,018 shares in the last quarter. Curbstone Financial Management Corp acquired a new stake in shares of Public Storage during the third quarter worth $452,000. West Oak Capital LLC raised its stake in shares of Public Storage by 3.0% in the third quarter. West Oak Capital LLC now owns 1,045 shares of the real estate investment trust’s stock worth $233,000 after buying an additional 30 shares in the last quarter. Finally, Washington Trust Bank raised its stake in shares of Public Storage by 28.1% in the third quarter. Washington Trust Bank now owns 538 shares of the real estate investment trust’s stock worth $120,000 after buying an additional 118 shares in the last quarter. 77.98% of the stock is currently owned by institutional investors.
Public Storage Company Profile
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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