Public Storage (NYSE:PSA) – Investment analysts at FBR & Co dropped their Q3 2017 earnings per share estimates for Public Storage in a report issued on Wednesday. FBR & Co analyst D. Corak now anticipates that the real estate investment trust will post earnings of $2.56 per share for the quarter, down from their prior estimate of $2.66. FBR & Co also issued estimates for Public Storage’s Q4 2017 earnings at $2.61 EPS, FY2017 earnings at $9.82 EPS, Q2 2018 earnings at $2.57 EPS, Q3 2018 earnings at $2.60 EPS and Q4 2018 earnings at $2.70 EPS.
A number of other equities research analysts have also issued reports on PSA. Barclays PLC dropped their target price on shares of Public Storage from $216.00 to $209.00 and set an “equal weight” rating for the company in a report on Tuesday, July 18th. Bank of America Corporation decreased their target price on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating on the stock in a research report on Thursday, July 20th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $222.00 target price on shares of Public Storage in a research report on Friday, July 14th. Zacks Investment Research raised shares of Public Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Finally, BidaskClub raised shares of Public Storage from a “strong sell” rating to a “sell” rating in a research report on Friday, June 16th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $223.45.
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Public Storage (NYSE PSA) opened at 202.84 on Friday. The company has a market cap of $35.26 billion, a price-to-earnings ratio of 28.81 and a beta of 0.41. Public Storage has a 12 month low of $192.15 and a 12 month high of $243.94. The company’s 50 day moving average is $208.61 and its 200-day moving average is $216.53.
Public Storage (NYSE:PSA) last issued its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.54 by $0.95. Public Storage had a return on equity of 27.74% and a net margin of 54.13%. The company had revenue of $624.20 million for the quarter, compared to the consensus estimate of $626.27 million. During the same quarter in the prior year, the company posted $2.40 EPS. Public Storage’s revenue was up 5.0% compared to the same quarter last year.
Several large investors have recently modified their holdings of the company. Garland Capital Management Inc. bought a new stake in shares of Public Storage during the second quarter valued at $3,345,000. Bessemer Group Inc. bought a new stake in shares of Public Storage during the second quarter valued at $105,000. CIBC Asset Management Inc increased its stake in shares of Public Storage by 12.1% in the second quarter. CIBC Asset Management Inc now owns 50,609 shares of the real estate investment trust’s stock valued at $10,553,000 after buying an additional 5,477 shares in the last quarter. Kornitzer Capital Management Inc. KS increased its stake in shares of Public Storage by 6.8% in the second quarter. Kornitzer Capital Management Inc. KS now owns 1,335 shares of the real estate investment trust’s stock valued at $278,000 after buying an additional 85 shares in the last quarter. Finally, Great West Life Assurance Co. Can increased its stake in shares of Public Storage by 15.3% in the second quarter. Great West Life Assurance Co. Can now owns 352,457 shares of the real estate investment trust’s stock valued at $73,421,000 after buying an additional 46,877 shares in the last quarter. 79.63% of the stock is owned by hedge funds and other institutional investors.
In other news, insider John Reyes sold 65,000 shares of the stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $208.44, for a total value of $13,548,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 14.42% of the stock is currently owned by corporate insiders.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.94%. The ex-dividend date is Tuesday, September 12th. Public Storage’s payout ratio is currently 113.96%.
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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