Public Storage (NYSE:PSA) 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 consensus estimate of $2.54 by $0.95, Yahoo Finance reports. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The business had revenue of $624.20 million for the quarter, compared to analyst estimates of $626.27 million. During the same period in the prior year, the business earned $2.40 EPS. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year.
Shares of Public Storage (NYSE PSA) traded up 0.01% on Wednesday, reaching $201.60. The company’s stock had a trading volume of 75,535 shares. The stock has a 50-day moving average of $205.09 and a 200 day moving average of $214.86. The company has a market cap of $35.08 billion, a price-to-earnings ratio of 28.76 and a beta of 0.41. Public Storage has a 52-week low of $192.15 and a 52-week high of $233.39.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be issued a dividend of $2.00 per share. The ex-dividend date is Tuesday, September 12th. This represents a $8.00 annualized dividend and a yield of 3.97%. Public Storage’s dividend payout ratio (DPR) is currently 113.96%.
A number of equities research analysts have recently weighed in on PSA shares. Zacks Investment Research downgraded Public Storage from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Cantor Fitzgerald dropped 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. Bank of America Corporation dropped 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. Jefferies Group LLC reiterated a “hold” rating and issued a $222.00 target price on shares of Public Storage in a research report on Friday, July 14th. Finally, Barclays PLC lifted their target price on Public Storage from $222.00 to $224.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 19th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $221.64.
In other Public Storage news, Director Ronald P. Spogli bought 2,000 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were purchased at an average cost of $200.59 per share, for a total transaction of $401,180.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John Reyes sold 60,000 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The shares were 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. Company insiders own 14.42% of the company’s stock.
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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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