Morgan Stanley upgraded shares of Public Storage (NYSE:PSA) from an underweight rating to an equal weight rating in a research report report published on Monday morning, 24/7 WallStreet reports. The firm currently has $240.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $193.00.
Other research analysts also recently issued reports about the stock. ValuEngine downgraded shares of Public Storage from a buy rating to a hold rating in a research note on Thursday, September 5th. Argus increased their price objective on shares of Public Storage to $290.00 and gave the company a positive rating in a research note on Wednesday, August 28th. They noted that the move was a valuation call. Robert W. Baird upgraded shares of Public Storage from an underperform rating to a neutral rating and increased their price objective for the company from $200.00 to $254.00 in a research note on Wednesday, August 21st. Stifel Nicolaus began coverage on shares of Public Storage in a research note on Monday, August 19th. They set a buy rating and a $285.00 price objective on the stock. Finally, SunTrust Banks increased their price objective on shares of Public Storage from $215.00 to $233.00 and gave the company a hold rating in a research note on Tuesday, August 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $244.47.
NYSE PSA opened at $250.39 on Monday. Public Storage has a 12 month low of $193.89 and a 12 month high of $266.76. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $43.19 billion, a price-to-earnings ratio of 23.71, a price-to-earnings-growth ratio of 5.74 and a beta of 0.14. The company’s fifty day moving average price is $256.11 and its two-hundred day moving average price is $236.75.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.76 EPS for the quarter, missing the Zacks’ consensus estimate of $2.63 by ($0.87). Public Storage had a net margin of 60.77% and a return on equity of 33.78%. The company had revenue of $710.95 million for the quarter, compared to the consensus estimate of $702.70 million. During the same quarter last year, the company earned $2.57 earnings per share. The company’s revenue was up 3.7% compared to the same quarter last year. As a group, analysts anticipate that Public Storage will post 10.77 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Thursday, September 12th will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.20%. Public Storage’s dividend payout ratio (DPR) is 75.76%.
In other Public Storage news, Chairman B Wayne Et Al Hughes sold 40,000 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $256.10, for a total transaction of $10,244,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have sold 278,000 shares of company stock worth $72,725,820 over the last three months. 14.00% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the business. Nisa Investment Advisors LLC raised its holdings in shares of Public Storage by 13.7% during the second quarter. Nisa Investment Advisors LLC now owns 56,839 shares of the real estate investment trust’s stock worth $13,537,000 after purchasing an additional 6,834 shares during the period. Ashburton Jersey Ltd acquired a new stake in shares of Public Storage during the second quarter worth $32,000. Mid Atlantic Financial Management Inc. ADV raised its holdings in shares of Public Storage by 28.4% during the first quarter. Mid Atlantic Financial Management Inc. ADV now owns 1,596 shares of the real estate investment trust’s stock worth $347,000 after purchasing an additional 353 shares during the period. Sheaff Brock Investment Advisors LLC raised its holdings in shares of Public Storage by 5.9% during the second quarter. Sheaff Brock Investment Advisors LLC now owns 1,966 shares of the real estate investment trust’s stock worth $468,000 after purchasing an additional 110 shares during the period. Finally, AdvisorNet Financial Inc raised its holdings in shares of Public Storage by 9.6% during the second quarter. AdvisorNet Financial Inc now owns 1,292 shares of the real estate investment trust’s stock worth $308,000 after purchasing an additional 113 shares during the period. 80.85% of the stock is currently owned by institutional investors.
Public Storage Company Profile
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. At March 31, 2019, we had: (i) interests in 2,444 self-storage facilities located in 38 states with approximately 164 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 231 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at March 31, 2019.
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