Public Storage (NYSE:PSA) – Stock analysts at SunTrust Banks upped their Q3 2019 earnings estimates for shares of Public Storage in a research report issued on Monday, June 10th, according to Zacks Investment Research. SunTrust Banks analyst K. Kim now anticipates that the real estate investment trust will earn $2.69 per share for the quarter, up from their previous forecast of $2.67. SunTrust Banks also issued estimates for Public Storage’s Q4 2019 earnings at $2.87 EPS, FY2019 earnings at $10.65 EPS, FY2020 earnings at $10.98 EPS, FY2021 earnings at $11.31 EPS, FY2022 earnings at $11.74 EPS and FY2023 earnings at $12.27 EPS.
Several other equities research analysts also recently weighed in on PSA. Bank of America set a $230.00 price target on Public Storage and gave the stock a “hold” rating in a report on Friday, March 1st. Barclays restated a “hold” rating and set a $215.00 price target on shares of Public Storage in a report on Thursday, March 7th. Jefferies Financial Group upgraded Public Storage from an “underperform” rating to a “hold” rating and upped their price target for the stock from $181.00 to $201.00 in a report on Tuesday, April 9th. Argus upped their price target on Public Storage to $240.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Finally, ValuEngine upgraded Public Storage from a “hold” rating to a “buy” rating in a report on Thursday, May 23rd. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $218.22.
NYSE PSA traded up $2.92 during trading hours on Wednesday, hitting $237.04. 528,582 shares of the company were exchanged, compared to its average volume of 839,594. The company’s 50 day simple moving average is $236.38. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. Public Storage has a 52-week low of $193.89 and a 52-week high of $247.63. The firm has a market capitalization of $41.61 billion, a price-to-earnings ratio of 22.45, a price-to-earnings-growth ratio of 5.56 and a beta of 0.18.
Public Storage (NYSE:PSA) last posted its earnings results on Wednesday, May 1st. The real estate investment trust reported $1.73 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.52 by ($0.79). Public Storage had a return on equity of 34.73% and a net margin of 62.54%. The firm had revenue of $689.00 million for the quarter, compared to analyst estimates of $685.75 million. During the same period in the previous year, the company posted $2.48 EPS. Public Storage’s revenue was up 2.9% on a year-over-year basis.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in Public Storage by 0.7% during the 1st quarter. BlackRock Inc. now owns 16,103,954 shares of the real estate investment trust’s stock worth $3,507,120,000 after acquiring an additional 112,313 shares during the period. Oregon Public Employees Retirement Fund lifted its position in Public Storage by 18,823.9% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 7,180,090 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 7,142,148 shares during the period. Geode Capital Management LLC lifted its position in Public Storage by 7.8% during the 4th quarter. Geode Capital Management LLC now owns 2,459,818 shares of the real estate investment trust’s stock worth $497,192,000 after acquiring an additional 178,705 shares during the period. Cohen & Steers Inc. lifted its position in Public Storage by 1,482.5% during the 4th quarter. Cohen & Steers Inc. now owns 2,258,079 shares of the real estate investment trust’s stock worth $457,058,000 after acquiring an additional 2,115,388 shares during the period. Finally, Daiwa Securities Group Inc. lifted its position in Public Storage by 190.7% during the 1st quarter. Daiwa Securities Group Inc. now owns 1,821,042 shares of the real estate investment trust’s stock worth $396,586,000 after acquiring an additional 1,194,522 shares during the period. Institutional investors and hedge funds own 80.47% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be issued a $2.00 dividend. The ex-dividend date is Tuesday, June 11th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.37%. Public Storage’s payout ratio is currently 75.76%.
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. 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.