Zacks Investment Research downgraded shares of Public Storage (NYSE:PSA) from a hold rating to a sell rating in a report published on Tuesday morning.

According to Zacks, “Shares of Public Storage underperformed its industry, year to date. Moreover, the stock has seen the Zacks Consensus Estimate for current-year funds from operations (FFO) per share being revised downward over the past seven days. Notably, Public Storage’s second-quarter 2017 funds from operations (FFO) per share missed the Zacks Consensus Estimate. Quarterly revenues also came short of expectations. Results reflect a fall in weighted-average square foot occupancy in the same-store portfolio. However, higher realized annual rent per occupied square foot supported its results. Also, the company benefited from its expansion efforts. Nevertheless, there is softness in demand, with customers remaining under stress due to the current economic environment. Further, supply has been rising in a number of markets and this affects the company’s pricing power and occupancy level.”

PSA has been the subject of a number of other reports. Barclays PLC decreased their price target on Public Storage from $216.00 to $209.00 and set an equal weight rating for the company in a report on Tuesday, July 18th. BidaskClub downgraded Public Storage from a sell rating to a strong sell rating in a report on Monday, July 31st. Argus decreased their price target on Public Storage from $260.00 to $250.00 and set a buy rating for the company in a report on Tuesday, August 1st. Jefferies Group LLC reaffirmed a hold rating and set a $222.00 price target on shares of Public Storage in a report on Friday, July 14th. Finally, Cantor Fitzgerald decreased their price target on Public Storage from $222.00 to $216.00 and set a neutral rating for the company in a report on Monday, May 22nd. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. Public Storage presently has an average rating of Hold and a consensus price target of $219.80.

Shares of Public Storage (NYSE:PSA) traded down 0.33% during trading on Tuesday, hitting $204.00. The stock had a trading volume of 131,166 shares. The stock has a 50-day moving average price of $203.51 and a 200 day moving average price of $214.15. Public Storage has a 12 month low of $192.15 and a 12 month high of $232.21. The company has a market cap of $35.50 billion, a P/E ratio of 29.10 and a beta of 0.41.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.54 by $0.95. The business had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $626.27 million. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The firm’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period last year, the firm earned $2.40 earnings per share. Equities analysts expect that Public Storage will post $7.09 EPS for the current fiscal year.

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The company also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date is Tuesday, September 12th. Public Storage’s dividend payout ratio (DPR) is currently 113.96%.

In other news, Director Ronald P. Spogli bought 2,000 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were acquired at an average price of $200.59 per share, for a total transaction of $401,180.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Reyes sold 60,000 shares of Public Storage stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $207.11, for a total value of $12,426,600.00. The disclosure for this sale can be found here. 14.42% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the company. Sumitomo Mitsui Asset Management Company LTD boosted its position in shares of Public Storage by 83.6% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 200,903 shares of the real estate investment trust’s stock valued at $43,979,000 after buying an additional 91,451 shares during the period. Nationwide Fund Advisors boosted its position in shares of Public Storage by 2.1% in the first quarter. Nationwide Fund Advisors now owns 109,985 shares of the real estate investment trust’s stock valued at $24,077,000 after buying an additional 2,224 shares during the period. Mason Street Advisors LLC boosted its position in shares of Public Storage by 1.1% in the first quarter. Mason Street Advisors LLC now owns 20,636 shares of the real estate investment trust’s stock valued at $4,517,000 after buying an additional 232 shares during the period. Loudon Investment Management LLC boosted its position in shares of Public Storage by 25.5% in the first quarter. Loudon Investment Management LLC now owns 6,135 shares of the real estate investment trust’s stock valued at $1,343,000 after buying an additional 1,247 shares during the period. Finally, US Bancorp DE boosted its position in shares of Public Storage by 11.0% in the first quarter. US Bancorp DE now owns 42,455 shares of the real estate investment trust’s stock valued at $9,294,000 after buying an additional 4,220 shares during the period. Institutional investors and hedge funds own 78.47% of the company’s stock.

Public Storage Company Profile

Public Storage is a real estate investment trust (REIT). The Company’s principal 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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