Public Storage (NYSE:PSA) – Research analysts at KeyCorp upped their FY2020 earnings per share estimates for Public Storage in a note issued to investors on Monday, May 13th. KeyCorp analyst T. Thomas now forecasts that the real estate investment trust will post earnings of $11.04 per share for the year, up from their previous estimate of $10.91.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Wednesday, May 1st. The real estate investment trust reported $1.73 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.52 by ($0.79). Public Storage had a net margin of 62.54% and a return on equity of 34.73%. The business had revenue of $689.00 million for the quarter, compared to the consensus estimate of $685.75 million. During the same quarter last year, the business posted $2.48 EPS. The business’s revenue for the quarter was up 2.9% on a year-over-year basis.
Several other equities analysts have also weighed in on PSA. Zacks Investment Research lowered shares of Public Storage from a “hold” rating to a “sell” rating in a research report on Wednesday, January 23rd. Barclays lowered shares of Public Storage from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $215.00 to $211.00 in a research report on Tuesday, March 26th. They noted that the move was a valuation call. Jefferies Financial Group upgraded shares of Public Storage from an “underperform” rating to a “hold” rating and raised their price objective for the company from $181.00 to $201.00 in a research report on Tuesday, April 9th. Argus raised their price objective on shares of Public Storage to $240.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. Finally, Bank of America set a $230.00 price objective on shares of Public Storage and gave the company a “hold” rating in a research note on Friday, March 1st. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $211.88.
NYSE:PSA opened at $227.70 on Wednesday. Public Storage has a twelve month low of $193.89 and a twelve month high of $234.90. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.58 and a quick ratio of 0.58. The stock has a market cap of $39.91 billion, a PE ratio of 21.56, a price-to-earnings-growth ratio of 5.34 and a beta of 0.26.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date is Tuesday, June 11th. Public Storage’s dividend payout ratio is presently 75.76%.
A number of hedge funds have recently bought and sold shares of the business. Sage Capital Advisors llc purchased a new stake in shares of Public Storage in the fourth quarter worth approximately $29,000. Oregon Public Employees Retirement Fund lifted its position in shares of Public Storage by 18,823.9% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,180,090 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 7,142,148 shares in the last quarter. Aspire Private Capital LLC lifted its position in shares of Public Storage by 232.0% in the first quarter. Aspire Private Capital LLC now owns 166 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 116 shares in the last quarter. Liberty Wealth Management LLC purchased a new stake in shares of Public Storage in the fourth quarter worth approximately $37,000. Finally, CNB Bank purchased a new stake in shares of Public Storage in the fourth quarter worth approximately $42,000. 81.14% of the stock is 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.