Equities research analysts predict that Public Storage (NYSE:PSA) will report earnings per share of $2.62 for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for Public Storage’s earnings, with the highest EPS estimate coming in at $2.66 and the lowest estimate coming in at $2.57. Public Storage posted earnings of $1.78 per share during the same quarter last year, which would indicate a positive year over year growth rate of 47.2%. The business is scheduled to announce its next earnings report on Wednesday, October 25th.
On average, analysts expect that Public Storage will report full-year earnings of $10.20 per share for the current financial year, with EPS estimates ranging from $10.03 to $10.28. For the next year, analysts forecast that the firm will post earnings of $10.59 per share, with EPS estimates ranging from $10.35 to $10.70. Zacks’ EPS averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Public Storage.
Public Storage (NYSE:PSA) last released its quarterly 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 net margin of 53.35% and a return on equity of 27.80%. The business had revenue of $624.20 million during the quarter, compared to the consensus estimate of $626.27 million. During the same period in the prior year, the firm earned $2.40 earnings per share. The business’s quarterly revenue was up 5.0% compared to the same quarter last year.
Several analysts recently weighed in on PSA shares. Cantor Fitzgerald reduced their price objective on Public Storage from $222.00 to $216.00 and set a “neutral” rating on the stock in a research note on Monday, May 22nd. Zacks Investment Research raised Public Storage from a “sell” rating to a “hold” rating in a research note on Thursday, June 1st. BidaskClub raised Public Storage from a “strong sell” rating to a “sell” rating in a research note on Friday, June 16th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $222.00 price objective on shares of Public Storage in a research note on Friday, July 14th. Finally, Barclays PLC reduced their price objective on Public Storage from $216.00 to $209.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 18th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. Public Storage presently has an average rating of “Hold” and an average target price of $219.80.
Public Storage (NYSE PSA) opened at 218.31 on Thursday. The company has a 50 day moving average price of $203.90 and a 200-day moving average price of $213.35. Public Storage has a 12-month low of $192.15 and a 12-month high of $232.21. The company has a market capitalization of $37.99 billion, a PE ratio of 31.14 and a beta of 0.42.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th will be given a dividend of $2.00 per share. The ex-dividend date is Tuesday, September 12th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.66%. Public Storage’s dividend payout ratio (DPR) is 113.96%.
In related news, Director Ronald P. Spogli acquired 2,000 shares of the stock in a transaction dated 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Reyes sold 60,000 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $207.11, for a total value of $12,426,600.00. The disclosure for this sale can be found here. 14.42% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. Mason Street Advisors LLC raised its position in shares of Public Storage by 1.1% during the first quarter. Mason Street Advisors LLC now owns 20,636 shares of the real estate investment trust’s stock worth $4,517,000 after acquiring an additional 232 shares during the last quarter. US Bancorp DE raised its position in shares of Public Storage by 11.0% during the first quarter. US Bancorp DE now owns 42,455 shares of the real estate investment trust’s stock worth $9,294,000 after acquiring an additional 4,220 shares during the last quarter. Loudon Investment Management LLC raised its position in shares of Public Storage by 25.5% during the first quarter. Loudon Investment Management LLC now owns 6,135 shares of the real estate investment trust’s stock worth $1,343,000 after acquiring an additional 1,247 shares during the last quarter. Israel Discount Bank of New York bought a new position in shares of Public Storage during the first quarter worth about $100,000. Finally, Northside Capital Management LLC bought a new position in shares of Public Storage during the first quarter worth about $878,000. Institutional investors own 80.22% of the company’s stock.
About Public Storage
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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