Public Storage (NYSE:PSA) posted its quarterly earnings results on Tuesday. The real estate investment trust reported $2.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.72 by $0.03, Bloomberg Earnings reports. The firm had revenue of $634.22 million for the quarter, compared to analyst estimates of $643.46 million. Public Storage had a return on equity of 27.78% and a net margin of 52.48%. The business’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.03 EPS.
Public Storage (NYSE:PSA) opened at $186.31 on Wednesday. The firm has a market capitalization of $32,850.24, a P/E ratio of 27.20, a P/E/G ratio of 3.71 and a beta of 0.31. Public Storage has a 1-year low of $180.48 and a 1-year high of $232.21.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Wednesday, March 14th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 4.29%. Public Storage’s payout ratio is presently 116.79%.
In related news, insider John Reyes sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $212.24, for a total transaction of $12,734,400.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gary E. Pruitt sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $212.09, for a total value of $1,060,450.00. Following the transaction, the director now directly owns 8,350 shares in the company, valued at $1,770,951.50. The disclosure for this sale can be found here. 14.42% of the stock is currently owned by insiders.
Several research firms have weighed in on PSA. BMO Capital Markets set a $185.00 price target on Public Storage and gave the stock a “sell” rating in a research report on Tuesday. B. Riley set a $190.00 price target on Public Storage and gave the stock a “neutral” rating in a research report on Wednesday. Barclays reaffirmed a “hold” rating and set a $201.00 price target on shares of Public Storage in a research report on Wednesday, January 31st. Zacks Investment Research lowered Public Storage from a “hold” rating to a “sell” rating in a research report on Wednesday, January 24th. Finally, Morgan Stanley lowered Public Storage from an “equal weight” rating to an “underweight” rating and set a $199.00 price target on the stock. in a research report on Wednesday, December 13th. Eight analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $206.00.
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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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