Barclays PLC Reiterates “Hold” Rating for Public Storage (PSA)
Public Storage (NYSE:PSA)‘s stock had its “hold” rating restated by stock analysts at Barclays PLC in a research note issued on Tuesday. They currently have a $230.00 price objective on the real estate investment trust’s stock. Barclays PLC’s price objective suggests a potential upside of 5.77% from the stock’s previous close.
A number of other brokerages have also recently issued reports on PSA. KeyCorp cut shares of Public Storage from a “sector weight” rating to an “underweight” rating and set a $230.00 target price for the company. in a research report on Friday, July 15th. Bank of America Corp. cut shares of Public Storage from a “buy” rating to a “neutral” rating in a research report on Thursday, August 11th. Jefferies Group cut their price objective 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. Cantor Fitzgerald reaffirmed a “hold” rating on shares of Public Storage in a research report on Friday, August 26th. Finally, Evercore ISI raised shares of Public Storage from a “sell” rating to a “hold” rating and set a $228.00 price objective for the company in a research report on Monday, August 22nd. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $239.88.
Public Storage (NYSE:PSA) opened at 217.46 on Tuesday. Public Storage has a 52 week low of $200.65 and a 52 week high of $277.60. The company has a market cap of $37.72 billion, a price-to-earnings ratio of 33.31 and a beta of 0.47. The stock has a 50 day moving average of $214.00 and a 200 day moving average of $235.58.
Public Storage (NYSE:PSA) last announced its earnings results on Wednesday, October 26th. The real estate investment trust reported $2.51 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $2.51. The company earned $663.15 million during the quarter, compared to analysts’ expectations of $624.13 million. Public Storage had a net margin of 52.71% and a return on equity of 26.05%. Public Storage’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.33 earnings per share. Equities research analysts predict that Public Storage will post $9.65 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Wednesday, December 14th will be paid a $2.00 dividend. The ex-dividend date is Monday, December 12th. This represents a $8.00 annualized dividend and a dividend yield of 3.68%. This is an increase from Public Storage’s previous quarterly dividend of $1.80. Public Storage’s dividend payout ratio is currently 110.43%.
In other news, insider John Reyes sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $215.41, for a total value of $6,462,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 14.20% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PSA. Janus Capital Management LLC increased its position in Public Storage by 75.9% in the second quarter. Janus Capital Management LLC now owns 1,293,597 shares of the real estate investment trust’s stock valued at $330,631,000 after buying an additional 558,341 shares in the last quarter. FMR LLC increased its position in Public Storage by 7.6% in the second quarter. FMR LLC now owns 7,595,027 shares of the real estate investment trust’s stock valued at $1,941,213,000 after buying an additional 536,241 shares in the last quarter. Vanguard Group Inc. increased its position in Public Storage by 2.3% in the second quarter. Vanguard Group Inc. now owns 20,714,449 shares of the real estate investment trust’s stock valued at $5,294,405,000 after buying an additional 470,163 shares in the last quarter. Standard Life Investments LTD increased its position in Public Storage by 394.3% in the third quarter. Standard Life Investments LTD now owns 564,095 shares of the real estate investment trust’s stock valued at $125,875,000 after buying an additional 449,966 shares in the last quarter. Finally, Emerald Acquisition Ltd. purchased a new position in Public Storage during the second quarter valued at about $104,206,000. 78.32% of the stock is owned by institutional investors.
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.
Receive News & Stock Ratings for Public Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Storage and related stocks with our FREE daily email newsletter.