Zacks Investment Research lowered shares of Public Storage (NYSE:PSA) from a hold rating to a sell rating in a research note issued to investors on Friday, May 12th.
According to Zacks, “Shares of Public Storage underperformed the Zacks categorized REIT and Equity Trust – Other industry over the last three months. In addition, the company’s full-year 2017 funds from operations (FFO) per share estimates moved down over the past 30 days. Late in April, the company reported a lower-than-expected performance for first-quarter 2017. Its FFO per share fell 3.7% short of the estimate. Quarterly revenues also missed expectations. Notably, there is softness in demand, with customers remaining under stress due to the current economic environment. Additionally, supply has been rising in a number of markets and this adversely affects the company’s pricing power. Rate hike adds to its woes. Nevertheless, Public Storage is a recognized and established name in the self-storage industry in the U.S., and its acquisition and expansion efforts look encouraging.”
A number of other equities analysts have also issued reports on PSA. Cantor Fitzgerald restated a hold rating and issued a $222.00 target price on shares of Public Storage in a research note on Monday, March 20th. BMO Capital Markets reiterated a hold rating and set a $210.00 price objective on shares of Public Storage in a research note on Wednesday, March 22nd. Barclays PLC lifted their price objective on Public Storage from $222.00 to $224.00 and gave the company an equal weight rating in a research note on Wednesday, April 19th. Finally, Evercore ISI cut Public Storage from a hold rating to an underperform rating in a research report on Friday, March 3rd. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. The company currently has an average rating of Hold and an average price target of $227.80.
Shares of Public Storage (NYSE PSA) traded up 0.46% during trading on Friday, hitting $213.66. The stock had a trading volume of 943,787 shares. Public Storage has a 52 week low of $200.65 and a 52 week high of $260.83. The firm has a 50 day moving average price of $211.09 and a 200-day moving average price of $218.50. The stock has a market capitalization of $37.14 billion, a price-to-earnings ratio of 30.35 and a beta of 0.45.
Public Storage (NYSE:PSA) last issued its quarterly earnings data on Wednesday, April 26th. The real estate investment trust reported $2.37 EPS for the quarter, missing the consensus estimate of $2.42 by $0.05. Public Storage had a net margin of 54.13% and a return on equity of 27.74%. The business had revenue of $645.55 million for the quarter, compared to analysts’ expectations of $615.23 million. During the same quarter in the prior year, the company posted $2.21 EPS. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. On average, equities research analysts forecast that Public Storage will post $7.33 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 29th. Shareholders of record on Wednesday, June 14th will be paid a $2.00 dividend. The ex-dividend date of this dividend is Monday, June 12th. This represents a $8.00 annualized dividend and a dividend yield of 3.74%. Public Storage’s dividend payout ratio (DPR) is 113.64%.
In other Public Storage news, insider John Reyes sold 60,000 shares of the business’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $207.11, for a total value of $12,426,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 14.42% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Rothschild Asset Management Inc. increased its position in shares of Public Storage by 35.3% in the third quarter. Rothschild Asset Management Inc. now owns 23,571 shares of the real estate investment trust’s stock worth $5,260,000 after buying an additional 6,146 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its position in shares of Public Storage by 24.1% in the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 25,808 shares of the real estate investment trust’s stock worth $5,758,000 after buying an additional 5,018 shares during the last quarter. Manning & Napier Advisors LLC increased its position in shares of Public Storage by 20.5% in the third quarter. Manning & Napier Advisors LLC now owns 36,050 shares of the real estate investment trust’s stock worth $8,043,000 after buying an additional 6,140 shares during the last quarter. APG Asset Management US Inc. increased its position in shares of Public Storage by 6.5% in the third quarter. APG Asset Management US Inc. now owns 3,880,666 shares of the real estate investment trust’s stock worth $865,932,000 after buying an additional 237,311 shares during the last quarter. Finally, APG Asset Management N.V. increased its position in Public Storage by 81.5% in the third quarter. APG Asset Management N.V. now owns 443,279 shares of the real estate investment trust’s stock valued at $98,913,000 after buying an additional 199,100 shares in the last quarter. Hedge funds and other institutional investors own 81.13% of the company’s stock.
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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