Public Storage (NYSE:PSA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
According to Zacks, “Public Storage is experiencing rising supply in some of its markets, which is affecting the demand for its properties. Further, the company has a significant development and refurbishment pipeline that increases the operational risks and exposes the company to rising construction costs and entitlement delays. Further, any hike in interest rate can also pose a challenge for the company. Nevertheless, the company is a recognized and established name in the self-storage industry in the U.S. Its strong presence in key cities serves as a growth driver. Acquisition initiatives have also the capability to propagate growth.”
Several other research firms have also issued reports on PSA. KeyCorp reduced their target price on Public Storage from $220.00 to $205.00 and set an “underweight” rating on the stock in a report on Monday, September 12th. FBR & Co initiated coverage on Public Storage in a report on Thursday, June 23rd. They set a “market perform” rating and a $250.00 target price on the stock. Cantor Fitzgerald reissued a “hold” rating on shares of Public Storage in a report on Friday, August 26th. Jefferies Group reduced their target price on Public Storage from $270.00 to $245.00 and set a “hold” rating on the stock in a report on Wednesday, August 10th. Finally, Evercore ISI raised Public Storage from a “sell” rating to a “hold” rating and set a $228.00 price objective on the stock in a research note on Monday, August 22nd. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $243.24.
Shares of Public Storage (NYSE:PSA) traded up 0.20% during mid-day trading on Tuesday, reaching $224.39. The company’s stock had a trading volume of 277,046 shares. The company has a 50-day moving average of $223.80 and a 200-day moving average of $247.95. Public Storage has a 12 month low of $206.64 and a 12 month high of $277.60. The firm has a market cap of $38.91 billion, a PE ratio of 35.51 and a beta of 0.68.
Public Storage (NYSE:PSA) last released its earnings results on Thursday, July 28th. The real estate investment trust reported $2.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.40 by $0.06. The company had revenue of $634.20 million for the quarter, compared to analyst estimates of $607.28 million. Public Storage had a return on equity of 25.44% and a net margin of 52.53%. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period last year, the company posted $2.17 earnings per share. On average, analysts predict that Public Storage will post $9.63 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, September 14th will be issued a $1.80 dividend. The ex-dividend date is Monday, September 12th. This represents a $7.20 dividend on an annualized basis and a yield of 3.22%. Public Storage’s payout ratio is currently 113.92%.
In other Public Storage news, insider John Reyes sold 30,000 shares of Public Storage stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $215.41, for a total value of $6,462,300.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 14.20% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of PSA. Washington Trust Bank increased its stake in shares of Public Storage by 7.4% in the second quarter. Washington Trust Bank now owns 420 shares of the real estate investment trust’s stock worth $107,000 after buying an additional 29 shares during the last quarter. Quadrant Capital Group LLC increased its stake in shares of Public Storage by 1.2% in the second quarter. Quadrant Capital Group LLC now owns 516 shares of the real estate investment trust’s stock worth $127,000 after buying an additional 6 shares during the last quarter. Global X Management Co. LLC increased its stake in shares of Public Storage by 23.4% in the second quarter. Global X Management Co. LLC now owns 501 shares of the real estate investment trust’s stock worth $128,000 after buying an additional 95 shares during the last quarter. WFG Advisors LP increased its stake in shares of Public Storage by 0.6% in the second quarter. WFG Advisors LP now owns 520 shares of the real estate investment trust’s stock worth $133,000 after buying an additional 3 shares during the last quarter. Finally, Capital Advisors Ltd. LLC increased its stake in shares of Public Storage by 35.4% in the second quarter. Capital Advisors Ltd. LLC now owns 555 shares of the real estate investment trust’s stock worth $142,000 after buying an additional 145 shares during the last quarter. Institutional investors and hedge funds own 77.98% of the company’s stock.
Public Storage Company Profile
Public Storage is a real estate investment trust. The Company’s 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Public Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Storage and related companies with MarketBeat.com's FREE daily email newsletter.