Investors Buy Large Volume of Call Options on Public Storage (NYSE:PSA)

Public Storage (NYSE:PSA) saw some unusual options trading on Wednesday. Investors bought 8,107 call options on the company. This is an increase of 2,576% compared to the typical volume of 303 call options.

NYSE PSA traded up $1.13 during midday trading on Friday, hitting $238.17. 1,327,317 shares of the company traded hands, compared to its average volume of 843,527. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $40.86 billion, a P/E ratio of 22.55, a PEG ratio of 5.45 and a beta of 0.18. The firm has a 50-day simple moving average of $236.71. Public Storage has a 52 week low of $193.89 and a 52 week high of $247.63.

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 Zacks’ consensus estimate of $2.52 by ($0.79). The business had revenue of $689.00 million during the quarter, compared to analyst estimates of $685.75 million. Public Storage had a return on equity of 34.73% and a net margin of 62.54%. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.48 EPS. As a group, research analysts anticipate that Public Storage will post 10.73 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were given a $2.00 dividend. The ex-dividend date of this dividend was Tuesday, June 11th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.36%. Public Storage’s payout ratio is 75.76%.

Several equities research analysts have recently weighed in on the company. Barclays reiterated a “sell” rating and issued a $218.00 price target on shares of Public Storage in a report on Tuesday, April 16th. Argus increased their price target on Public Storage to $240.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. KeyCorp upgraded Public Storage from an “underweight” rating to a “sector weight” rating and set a $243.72 price objective on the stock in a report on Tuesday, June 11th. ValuEngine upgraded Public Storage from a “hold” rating to a “buy” rating in a report on Thursday, May 23rd. Finally, Jefferies Financial Group upgraded Public Storage from an “underperform” rating to a “hold” rating and raised their price objective for the stock from $181.00 to $201.00 in a report on Tuesday, April 9th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $218.22.

A number of institutional investors and hedge funds have recently modified their holdings of PSA. Horizon Investments LLC acquired a new stake in Public Storage during the first quarter worth approximately $3,109,000. Weiss Asset Management LP acquired a new stake in Public Storage in the 1st quarter worth about $212,000. Nordea Investment Management AB boosted its holdings 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 buying an additional 86,963 shares during the last quarter. Allstate Corp boosted its holdings 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 buying an additional 1,672 shares during the last quarter. Finally, Columbia Asset Management boosted its holdings 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 buying an additional 325 shares during the last quarter. 80.47% of the stock is owned by institutional investors.

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.

Read More: Put Option

Receive News & Ratings for Public Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Storage and related companies with MarketBeat.com's FREE daily email newsletter.