Public Storage (NYSE:PSA) Downgraded by Zacks Investment Research to “Sell”

Public Storage (NYSE:PSA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday, July 11th.

According to Zacks, “Shares of Public Storage underperformed the Zacks categorized REIT and Equity Trust – Other industry over the past three months. Notably, there is softness in demand, with customers remaining under stress due to the current economic environment. Also, supply has been rising in a number of markets and this adversely affects the company’s pricing power. Rate hike adds to its woes. Moreover, late in April, the company delivered a lower-than-expected performance for first-quarter 2017. However, 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.”

Several other equities analysts have also recently issued reports on PSA. Cantor Fitzgerald reiterated 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 issued a $210.00 target price on shares of Public Storage in a research note on Wednesday, March 22nd. Barclays PLC boosted their target price on shares of 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, BidaskClub upgraded shares of Public Storage from a “strong sell” rating to a “sell” rating in a research note on Friday, June 16th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $221.64.

Public Storage (NYSE:PSA) opened at 198.63 on Tuesday. Public Storage has a 12 month low of $192.15 and a 12 month high of $232.21. The company’s 50-day moving average is $205.76 and its 200-day moving average is $215.18. The company has a market cap of $34.56 billion, a P/E ratio of 28.34 and a beta of 0.41.

Public Storage (NYSE:PSA) last posted its 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. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The firm had revenue of $624.20 million during the quarter, compared to analyst estimates of $626.27 million. During the same quarter in the prior year, the firm earned $2.40 earnings per share. The business’s revenue for the quarter was up 5.0% on a year-over-year basis. On average, equities research analysts expect that Public Storage will post $7.09 EPS for the current fiscal year.

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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 stock was acquired at an average price of $200.59 per share, with a total value of $401,180.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Reyes sold 60,000 shares of the company’s stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $207.11, for a total transaction of $12,426,600.00. The disclosure for this sale can be found here. 14.42% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in the company. Global Financial Private Capital LLC acquired a new stake in Public Storage during the second quarter worth about $9,346,000. Ontario Teachers Pension Plan Board raised its stake in Public Storage by 15.6% in the second quarter. Ontario Teachers Pension Plan Board now owns 35,276 shares of the real estate investment trust’s stock worth $7,356,000 after buying an additional 4,755 shares during the last quarter. OxFORD Asset Management LLP acquired a new stake in Public Storage during the second quarter worth about $1,618,000. Epoch Investment Partners Inc. raised its stake in Public Storage by 3,791.5% in the second quarter. Epoch Investment Partners Inc. now owns 641,789 shares of the real estate investment trust’s stock worth $133,832,000 after buying an additional 625,297 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Public Storage by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,054,552 shares of the real estate investment trust’s stock worth $428,434,000 after buying an additional 57,277 shares during the last quarter. 78.87% of the stock is owned by institutional investors and hedge funds.

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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