Public Storage (PSA) Expected to Post FY2016 Earnings of $9.53 Per Share
Public Storage (NYSE:PSA) – Investment analysts at KeyCorp lowered their FY2016 earnings per share (EPS) estimates for shares of Public Storage in a research report issued to clients and investors on Monday. KeyCorp analyst T. Thomas now anticipates that the firm will post earnings per share of $9.53 for the year, down from their previous estimate of $9.60. KeyCorp currently has a “Underweight” rating and a $205.00 price target on the stock. KeyCorp also issued estimates for Public Storage’s FY2017 earnings at $10.45 EPS.
Other research analysts have also recently issued reports about the stock. Zacks Investment Research cut shares of Public Storage from a “hold” rating to a “sell” rating in a report on Wednesday. Jefferies Group dropped their target price on shares of Public Storage from $270.00 to $245.00 and set a “hold” rating on the stock in a report on Wednesday, August 10th. Bank of America Corp. cut shares of Public Storage from a “buy” rating to a “neutral” rating in a report on Thursday, August 11th. FBR & Co began coverage on shares of Public Storage in a report on Thursday, June 23rd. They set a “market perform” rating and a $250.00 target price on the stock. Finally, Evercore ISI upgraded shares of Public Storage from a “sell” rating to a “hold” rating and set a $228.00 target price on the stock in a report on Monday, August 22nd. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $244.38.
Shares of Public Storage (NYSE:PSA) traded down 0.77% during trading on Wednesday, hitting $214.16. The stock had a trading volume of 338,203 shares. The company has a market capitalization of $37.14 billion, a P/E ratio of 33.89 and a beta of 0.61. The firm has a 50-day moving average of $218.32 and a 200 day moving average of $242.11. Public Storage has a 1-year low of $207.06 and a 1-year high of $277.60.
Public Storage (NYSE:PSA) last announced its quarterly earnings data 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 earned $634.20 million during 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 revenue was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.17 EPS.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Shareholders of record on Wednesday, September 14th were given a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date of this dividend was Monday, September 12th. Public Storage’s dividend payout ratio is presently 113.92%.
In other Public Storage news, insider John Reyes sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $215.41, for a total transaction of $6,462,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 14.20% of the company’s stock.
Several institutional investors have recently bought and sold shares of PSA. 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 during the period. 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 during the period. 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 during the period. 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 during the period. 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 during the period. 77.99% of the stock is owned by hedge funds and other 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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