Public Storage (PSA) Reaches New 12-Month High at $237.99

Public Storage (NYSE:PSA) reached a new 52-week high during trading on Friday . The company traded as high as $237.99 and last traded at $237.99, with a volume of 26454 shares trading hands. The stock had previously closed at $233.26.

PSA has been the subject of a number of analyst reports. Argus increased their price target on Public Storage to $240.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. ValuEngine raised Public Storage from a “hold” rating to a “buy” rating in a research report on Thursday, May 23rd. Jefferies Financial Group raised Public Storage from an “underperform” rating to a “hold” rating and increased their price target for the company from $181.00 to $201.00 in a research report on Tuesday, April 9th. Barclays restated a “hold” rating and issued a $215.00 price objective on shares of Public Storage in a research note on Thursday, March 7th. Finally, Bank of America set a $230.00 price objective on 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, four have given a hold rating and two have issued a buy rating to the company’s stock. Public Storage has an average rating of “Hold” and a consensus target price of $211.88.

The company has a market cap of $40.40 billion, a PE ratio of 22.51, a price-to-earnings-growth ratio of 5.40 and a beta of 0.26. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.58 and a quick ratio of 0.58.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Wednesday, May 1st. The real estate investment trust reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.52 by ($0.79). The business had revenue of $689.00 million during the quarter, compared to the consensus estimate of $685.75 million. Public Storage had a net margin of 62.54% and a return on equity of 34.73%. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter last year, the company earned $2.48 EPS. As a group, equities analysts forecast that Public Storage will post 10.7 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Tuesday, June 11th. This represents a $8.00 annualized dividend and a dividend yield of 3.36%. Public Storage’s payout ratio is 75.76%.

Several hedge funds have recently bought and sold shares of the company. Marshall Wace North America L.P. bought a new position in Public Storage in the 1st quarter worth about $305,000. Accident Compensation Corp bought a new position in Public Storage in the 1st quarter worth about $784,000. Allstate Corp boosted its stake in Public Storage by 31.2% in the 1st quarter. Allstate Corp now owns 7,029 shares of the real estate investment trust’s stock worth $1,531,000 after purchasing an additional 1,672 shares during the period. Columbia Asset Management boosted its stake in Public Storage by 42.2% in the 1st quarter. Columbia Asset Management now owns 1,095 shares of the real estate investment trust’s stock worth $238,000 after purchasing an additional 325 shares during the period. Finally, Nordea Investment Management AB boosted its stake in Public Storage by 428.2% in the 1st quarter. Nordea Investment Management AB now owns 107,273 shares of the real estate investment trust’s stock worth $23,362,000 after purchasing an additional 86,963 shares during the period. Institutional investors own 80.54% of the company’s stock.

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Public Storage Company Profile (NYSE:PSA)

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.

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