Public Storage (PSA) Receives Buy Rating from Argus
Argus reaffirmed their buy rating on shares of Public Storage (NYSE:PSA) in a research report sent to investors on Wednesday morning. The firm currently has a $270.00 target price on the real estate investment trust’s stock, down from their prior target price of $284.00.
Several other research firms have also commented on PSA. KeyCorp decreased their price objective on shares of Public Storage from $220.00 to $205.00 and set an underweight rating for the company in a research note on Monday, September 12th. Cantor Fitzgerald reiterated a hold rating on shares of Public Storage in a research note on Thursday, October 27th. Zacks Investment Research lowered shares of Public Storage from a hold rating to a sell rating in a research note on Tuesday, September 27th. Jefferies Group decreased 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 note on Wednesday, August 10th. Finally, Barclays PLC reiterated a hold rating and issued a $230.00 price objective on shares of Public Storage in a research note on Tuesday, November 8th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of Hold and an average target price of $241.03.
Public Storage (NYSE:PSA) traded down 0.67% during mid-day trading on Wednesday, hitting $206.81. 185,618 shares of the company were exchanged. Public Storage has a 12 month low of $200.65 and a 12 month high of $277.60. The stock has a market cap of $35.87 billion, a price-to-earnings ratio of 31.68 and a beta of 0.47. The firm has a 50 day moving average price of $212.82 and a 200 day moving average price of $234.22.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Wednesday, October 26th. The real estate investment trust reported $2.51 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $2.51. The firm earned $663.15 million during the quarter, compared to analyst estimates of $624.13 million. Public Storage had a net margin of 52.71% and a return on equity of 26.05%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the business posted $2.33 EPS. Analysts anticipate that Public Storage will post $9.64 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 29th. Investors of record on Wednesday, December 14th will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date is Monday, December 12th. This is a boost from Public Storage’s previous quarterly dividend of $1.80. Public Storage’s dividend payout ratio (DPR) is presently 110.43%.
In other Public Storage news, insider John Reyes sold 60,000 shares of the business’s stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $216.32, for a total value of $12,979,200.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Tamara Hughes Gustavson acquired 69,763 shares of the firm’s stock in a transaction on Friday, November 11th. The stock was purchased at an average price of $214.98 per share, for a total transaction of $14,997,649.74. Following the transaction, the director now directly owns 16,396,449 shares of the company’s stock, valued at approximately $3,524,908,606.02. The disclosure for this purchase can be found here. 14.20% of the stock is currently owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. WFG Advisors LP boosted 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 worth $133,000 after buying an additional 3 shares during the last quarter. Blue Chip Partners Inc. raised its stake in shares of Public Storage by 0.7% in the second quarter. Blue Chip Partners Inc. now owns 596 shares of the real estate investment trust’s stock worth $152,000 after buying an additional 4 shares during the last quarter. Quadrant Capital Group LLC raised its stake in shares of 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 worth $127,000 after buying an additional 6 shares during the last quarter. Alpha Windward LLC raised its stake in shares of Public Storage by 0.7% in the third quarter. Alpha Windward LLC now owns 844 shares of the real estate investment trust’s stock worth $188,000 after buying an additional 6 shares during the last quarter. Finally, Homrich & Berg raised its stake in shares of Public Storage by 0.5% in the third quarter. Homrich & Berg now owns 1,993 shares of the real estate investment trust’s stock worth $445,000 after buying an additional 9 shares during the last quarter. Hedge funds and other institutional investors own 77.85% of the company’s stock.
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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