Public Storage (NYSE:PSA) Posts Earnings Results, Misses Estimates By $1.63 EPS

Public Storage (NYSE:PSA) announced its earnings results on Thursday. The real estate investment trust reported $2.60 earnings per share for the quarter, missing the consensus estimate of $4.23 by ($1.63), reports. Public Storage had a net margin of 39.53% and a return on equity of 36.09%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.21 billion.

Public Storage Stock Up 0.3%

Public Storage stock traded up $0.83 during midday trading on Thursday, hitting $294.67. 2,070,387 shares of the stock were exchanged, compared to its average volume of 1,190,106. Public Storage has a 1 year low of $256.54 and a 1 year high of $322.49. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.45 and a quick ratio of 0.45. The firm has a market cap of $51.70 billion, a P/E ratio of 30.60, a P/E/G ratio of 9.90 and a beta of 1.01. The company has a 50 day moving average price of $274.35 and a two-hundred day moving average price of $281.89.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of research analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Public Storage in a research note on Thursday, January 22nd. BNP Paribas Exane dropped their price objective on shares of Public Storage from $329.00 to $315.00 in a research report on Tuesday, December 23rd. Royal Bank Of Canada cut their target price on shares of Public Storage from $309.00 to $307.00 and set a “sector perform” rating on the stock in a research note on Friday, October 31st. Wall Street Zen lowered shares of Public Storage from a “hold” rating to a “sell” rating in a report on Saturday, January 10th. Finally, The Goldman Sachs Group lowered their price target on Public Storage from $332.00 to $321.00 and set a “buy” rating for the company in a report on Thursday, January 15th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $306.63.

Institutional Trading of Public Storage

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Cibc World Markets Corp purchased a new position in Public Storage in the fourth quarter valued at about $15,998,000. Pembroke Management LTD raised its position in shares of Public Storage by 13.4% in the 4th quarter. Pembroke Management LTD now owns 1,057 shares of the real estate investment trust’s stock valued at $274,000 after purchasing an additional 125 shares in the last quarter. StoneX Group Inc. boosted its stake in shares of Public Storage by 96.6% during the 4th quarter. StoneX Group Inc. now owns 1,852 shares of the real estate investment trust’s stock valued at $481,000 after buying an additional 910 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Public Storage by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,212,753 shares of the real estate investment trust’s stock worth $574,219,000 after buying an additional 18,541 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC increased its stake in shares of Public Storage by 222.2% in the fourth quarter. Elevation Point Wealth Partners LLC now owns 2,529 shares of the real estate investment trust’s stock worth $656,000 after buying an additional 1,744 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

About Public Storage

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.