Stock analysts at BMO Capital Markets began coverage on shares of Public Storage (NYSE:PSA) in a research note issued to investors on Monday. The brokerage set an “underperform” rating and a $193.00 price target on the real estate investment trust’s stock. BMO Capital Markets’ price objective points to a potential downside of 7.02% from the company’s previous close.
A number of other brokerages also recently issued reports on PSA. Zacks Investment Research downgraded shares of Public Storage from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Cantor Fitzgerald dropped their price target on shares of Public Storage from $222.00 to $216.00 and set a “neutral” rating on the stock in a report on Monday, May 22nd. Bank of America Corporation dropped their price target on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating on the stock in a report on Thursday, July 20th. Jefferies Group LLC reaffirmed a “hold” rating and set a $222.00 price target on shares of Public Storage in a report on Friday, July 14th. Finally, Argus dropped their price target on shares of Public Storage from $260.00 to $250.00 and set a “buy” rating on the stock in a report on Tuesday, August 1st. Five research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $216.00.
Public Storage (PSA) opened at 207.58 on Monday. The firm has a 50-day moving average of $204.03 and a 200-day moving average of $213.05. Public Storage has a 1-year low of $192.15 and a 1-year high of $232.21. The stock has a market capitalization of $36.12 billion, a PE ratio of 29.61 and a beta of 0.42.
Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.54 by ($0.95). The company had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $626.27 million. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The business’s revenue was up 5.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.40 EPS. Equities 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 acquired 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were bought at an average price of $200.59 per share, with a total value of $401,180.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 14.42% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of PSA. Israel Discount Bank of New York purchased a new position in Public Storage during the first quarter valued at approximately $100,000. Bessemer Group Inc. purchased a new position in Public Storage during the second quarter valued at approximately $105,000. Northwestern Mutual Wealth Management Co. lifted its holdings in Public Storage by 15.3% during 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 purchasing an additional 75 shares in the last quarter. Guardian Life Insurance Co. of America lifted its holdings in Public Storage by 0.9% during 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 purchasing an additional 5 shares in the last quarter. Finally, CENTRAL TRUST Co lifted its holdings in Public Storage by 41.3% during the second quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock valued at $121,000 after purchasing an additional 169 shares in the last quarter. 80.22% of the stock is currently owned by institutional investors.
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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