Evercore ISI Reiterates Underperform Rating for Public Storage (PSA)
Public Storage (NYSE:PSA)‘s stock had its “underperform” rating restated by stock analysts at Evercore ISI in a report issued on Thursday. They presently have a $204.00 target price on the real estate investment trust’s stock, up from their prior target price of $197.00. Evercore ISI’s target price points to a potential downside of 4.74% from the company’s previous close.
Other equities analysts have also issued reports about the stock. Jefferies Group LLC set a $210.00 target price on shares of Public Storage and gave the stock a “hold” rating in a research report on Thursday, August 17th. 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 report on Thursday, July 20th. Zacks Investment Research raised Public Storage from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. BidaskClub raised Public Storage from a “strong sell” rating to a “sell” rating in a report on Friday, June 16th. 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 investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. Public Storage has an average rating of “Hold” and a consensus price target of $214.91.
Public Storage (NYSE PSA) opened at 214.15 on Thursday. The company has a 50 day moving average of $204.54 and a 200 day moving average of $212.77. The firm has a market capitalization of $37.26 billion, a PE ratio of 30.55 and a beta of 0.42. Public Storage has a 1-year low of $192.15 and a 1-year high of $232.21.
Public Storage (NYSE:PSA) last announced its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business’s revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the business posted $2.40 earnings per share. Analysts forecast that Public Storage will post $7.22 EPS for the current year.
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In other Public Storage news, Director Ronald P. Spogli bought 2,000 shares of Public Storage stock in a transaction on Thursday, August 3rd. The stock was bought at an average price of $200.59 per share, with a total value of $401,180.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 14.42% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Intl Fcstone Inc. acquired a new stake in Public Storage in the second quarter valued at $415,000. Brookfield Asset Management Inc. lifted its holdings in Public Storage by 25.8% in the second quarter. Brookfield Asset Management Inc. now owns 727,314 shares of the real estate investment trust’s stock valued at $151,667,000 after acquiring an additional 149,004 shares during the period. Atlantic Trust LLC lifted its holdings in Public Storage by 138.5% in the second quarter. Atlantic Trust LLC now owns 1,550 shares of the real estate investment trust’s stock valued at $627,000 after acquiring an additional 900 shares during the period. Toronto Dominion Bank lifted its holdings in Public Storage by 25.9% in the second quarter. Toronto Dominion Bank now owns 50,726 shares of the real estate investment trust’s stock valued at $10,575,000 after acquiring an additional 10,420 shares during the period. Finally, Cetera Investment Advisers acquired a new stake in Public Storage in the second quarter valued at $646,000. 80.22% of the stock is owned by institutional investors.
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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