Public Storage (NYSE:PSA) – Equities research analysts at SunTrust Banks lowered their FY2019 EPS estimates for Public Storage in a report issued on Tuesday, August 28th. SunTrust Banks analyst K. Kim now forecasts that the real estate investment trust will post earnings of $10.77 per share for the year, down from their previous forecast of $10.82. SunTrust Banks also issued estimates for Public Storage’s FY2020 earnings at $10.99 EPS, FY2021 earnings at $11.30 EPS and FY2022 earnings at $11.69 EPS.
PSA has been the subject of several other research reports. Goldman Sachs Group cut Public Storage from a “neutral” rating to a “sell” rating in a research note on Wednesday, August 22nd. BMO Capital Markets reaffirmed a “sell” rating and set a $194.00 target price on shares of Public Storage in a research note on Wednesday, August 1st. Morgan Stanley decreased their target price on Public Storage from $199.00 to $193.00 and set an “underweight” rating for the company in a research note on Thursday, June 14th. ValuEngine raised Public Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, May 29th. Finally, Barclays raised their target price on Public Storage from $205.00 to $212.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 17th. Seven research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company. Public Storage currently has an average rating of “Hold” and an average price target of $208.33.
Shares of PSA stock opened at $212.68 on Thursday. Public Storage has a fifty-two week low of $180.48 and a fifty-two week high of $234.90. The stock has a market cap of $37.11 billion, a P/E ratio of 20.30, a PEG ratio of 4.08 and a beta of 0.26. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.29.
Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, August 1st. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.61 by ($0.61). Public Storage had a return on equity of 30.37% and a net margin of 55.00%. The business had revenue of $685.50 million during the quarter, compared to the consensus estimate of $686.32 million. During the same period in the previous year, the company posted $2.51 EPS. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year.
Several hedge funds and other institutional investors have recently made changes to their positions in PSA. Silvant Capital Management LLC purchased a new stake in shares of Public Storage during the first quarter valued at $101,000. NuWave Investment Management LLC lifted its holdings in shares of Public Storage by 1,693.9% during the first quarter. NuWave Investment Management LLC now owns 592 shares of the real estate investment trust’s stock valued at $119,000 after purchasing an additional 559 shares during the last quarter. Signaturefd LLC purchased a new stake in shares of Public Storage during the first quarter valued at $132,000. Kiley Juergens Wealth Management LLC purchased a new stake in shares of Public Storage during the second quarter valued at $142,000. Finally, Quad Cities Investment Group LLC purchased a new stake in shares of Public Storage during the second quarter valued at $151,000. 81.05% of the stock is owned by institutional investors and hedge funds.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 27th. Stockholders of record on Wednesday, September 12th will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.76%. The ex-dividend date is Tuesday, September 11th. Public Storage’s dividend payout ratio is 78.20%.
About Public Storage
Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. The Company's headquarters are located in Glendale, California. At March 31, 2018, we had interests in 2,392 self-storage facilities located in 38 states with approximately 159 million net rentable square feet in the United States and 223 storage facilities located in seven Western European nations with approximately 12 million net rentable square feet operated under the ?Shurgard? brand.
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