Public Storage (NYSE:PSA)‘s stock had its “underperform” rating reiterated by Evercore ISI in a note issued to investors on Thursday. They presently have a $204.00 price target on the real estate investment trust’s stock, up from their previous price target of $197.00. Evercore ISI’s price objective suggests a potential downside of 4.00% from the company’s previous close.
Other analysts have also issued reports about the company. Jefferies Group LLC set a $210.00 target price on Public Storage and gave the stock a “hold” rating in a research report on Thursday, August 17th. Bank of America Corporation dropped their target price on Public Storage from $222.00 to $218.00 and set a “neutral” rating on the stock in a research report on Thursday, July 20th. Zacks Investment Research raised Public Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. BidaskClub raised Public Storage from a “strong sell” rating to a “sell” rating in a research report on Friday, June 16th. Finally, Cantor Fitzgerald dropped their target price on Public Storage from $222.00 to $216.00 and set a “neutral” rating on the stock in a research report on Monday, May 22nd. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. Public Storage has a consensus rating of “Hold” and a consensus price target of $214.91.
Public Storage (NYSE:PSA) traded up 1.804% on Thursday, reaching $212.505. The company had a trading volume of 629,954 shares. The firm has a 50-day moving average of $203.99 and a 200-day moving average of $212.90. The stock has a market capitalization of $36.98 billion, a P/E ratio of 30.315 and a beta of 0.42. Public Storage has a 12 month low of $192.15 and a 12 month high of $232.21.
Public Storage (NYSE:PSA) last announced its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.54 by ($0.95). Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The business had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $626.27 million. During the same period in the previous year, the firm posted $2.40 earnings per share. The firm’s revenue was up 5.0% compared to the same quarter last year. On average, equities research analysts expect that Public Storage will post $7.22 earnings per share for the current fiscal year.
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In related news, Director Ronald P. Spogli bought 2,000 shares of the firm’s stock in a transaction on Thursday, August 3rd. The stock was bought at an average cost of $200.59 per share, for a total transaction of $401,180.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 14.42% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Israel Discount Bank of New York acquired a new position in Public Storage in the first quarter valued at approximately $100,000. Bessemer Group Inc. acquired a new position in Public Storage in the second quarter valued at approximately $105,000. Northwestern Mutual Wealth Management Co. boosted its stake in Public Storage by 15.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 566 shares of the real estate investment trust’s stock valued at $119,000 after acquiring an additional 75 shares during the period. CENTRAL TRUST Co boosted its stake in Public Storage by 41.3% in the second quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock valued at $121,000 after acquiring an additional 169 shares during the period. Finally, Guardian Life Insurance Co. of America boosted its stake in Public Storage by 0.9% in the first quarter. Guardian Life Insurance Co. of America now owns 576 shares of the real estate investment trust’s stock valued at $126,000 after acquiring an additional 5 shares during the period. Institutional investors own 80.22% 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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