Zacks: Brokerages Expect Public Storage (PSA) Will Post Quarterly Sales of $689.11 Million
Analysts expect that Public Storage (NYSE:PSA) will announce $689.11 million in sales for the current fiscal quarter, according to Zacks. Six analysts have issued estimates for Public Storage’s earnings. The highest sales estimate is $705.90 million and the lowest is $682.17 million. Public Storage posted sales of $663.15 million in the same quarter last year, which suggests a positive year over year growth rate of 3.9%. The company is expected to issue its next earnings results on Wednesday, October 25th.
According to Zacks, analysts expect that Public Storage will report full-year sales of $689.11 million for the current fiscal year, with estimates ranging from $2.67 billion to $2.77 billion. For the next fiscal year, analysts expect that the company will report sales of $2.77 billion per share, with estimates ranging from $2.68 billion to $2.84 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Public Storage.
Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 EPS for the quarter, missing the consensus estimate of $2.54 by $0.95. The company had revenue of $624.20 million for the quarter, compared to analyst estimates of $626.27 million. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The business’s revenue was up 5.0% on a year-over-year basis. During the same period last year, the firm posted $2.40 earnings per share.
PSA has been the subject of several recent analyst reports. Zacks Investment Research downgraded Public Storage from a “hold” rating to a “sell” rating in a research note on Friday, May 12th. 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 research note on Monday, May 22nd. 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 research note on Tuesday, July 18th. Bank of America Corporation decreased their price target on Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a research note on Thursday, July 20th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $222.00 price target on shares of Public Storage in a research note on Friday, July 14th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. Public Storage presently has an average rating of “Hold” and an average target price of $219.80.
In related news, insider John Reyes sold 60,000 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $207.11, for a total transaction of $12,426,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ronald P. Spogli bought 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The shares were acquired at an average price of $200.59 per share, with a total value of $401,180.00. The disclosure for this purchase can be found here. 14.42% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of PSA. BNP Paribas Arbitrage SA raised its holdings in Public Storage by 133.3% in the 1st quarter. BNP Paribas Arbitrage SA now owns 141,043 shares of the real estate investment trust’s stock valued at $30,876,000 after acquiring an additional 80,586 shares in the last quarter. Comerica Bank raised its holdings in Public Storage by 2.5% in the 1st quarter. Comerica Bank now owns 47,529 shares of the real estate investment trust’s stock valued at $10,124,000 after acquiring an additional 1,171 shares in the last quarter. Xact Kapitalforvaltning AB raised its holdings in Public Storage by 4.8% in the 1st quarter. Xact Kapitalforvaltning AB now owns 24,436 shares of the real estate investment trust’s stock valued at $5,349,000 after acquiring an additional 1,112 shares in the last quarter. Pictet Asset Management Ltd. raised its holdings in Public Storage by 16.3% in the 1st quarter. Pictet Asset Management Ltd. now owns 99,807 shares of the real estate investment trust’s stock valued at $21,849,000 after acquiring an additional 14,010 shares in the last quarter. Finally, LS Investment Advisors LLC raised its holdings in Public Storage by 11.2% in the 1st quarter. LS Investment Advisors LLC now owns 4,818 shares of the real estate investment trust’s stock valued at $1,055,000 after acquiring an additional 485 shares in the last quarter. 80.22% of the stock is owned by hedge funds and other institutional investors.
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Public Storage (NYSE:PSA) opened at 218.31 on Friday. Public Storage has a 52-week low of $192.15 and a 52-week high of $232.21. The company’s 50-day moving average price is $203.90 and its 200 day moving average price is $213.35. The firm has a market capitalization of $37.99 billion, a price-to-earnings ratio of 31.14 and a beta of 0.42.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $8.00 annualized dividend and a yield of 3.66%. Public Storage’s payout ratio is 113.96%.
About Public Storage
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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