Public Storage (NYSE:PSA) announced its quarterly earnings results on Wednesday, May 1st. The real estate investment trust reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.52 by ($0.79), Fidelity Earnings reports. Public Storage had a return on equity of 34.73% and a net margin of 62.54%. The business had revenue of $689.00 million during the quarter, compared to analysts’ expectations of $685.75 million. During the same period in the previous year, the business earned $2.48 EPS. The business’s revenue was up 2.9% compared to the same quarter last year.
Shares of Public Storage stock traded up $1.80 during trading hours on Friday, reaching $236.23. 520,317 shares of the stock traded hands, compared to its average volume of 858,819. Public Storage has a one year low of $193.89 and a one year high of $236.97. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.28. The company has a market cap of $40.30 billion, a P/E ratio of 22.37, a P/E/G ratio of 5.39 and a beta of 0.26.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders 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 dividend on an annualized basis and a dividend yield of 3.39%. Public Storage’s dividend payout ratio is currently 75.76%.
Several hedge funds have recently bought and sold shares of PSA. Meritage Portfolio Management purchased a new position in Public Storage in the 4th quarter worth approximately $2,749,000. Legacy Capital Partners Inc. lifted its holdings in Public Storage by 15.9% in the 4th quarter. Legacy Capital Partners Inc. now owns 2,115 shares of the real estate investment trust’s stock worth $428,000 after purchasing an additional 290 shares in the last quarter. Shell Asset Management Co. lifted its holdings in Public Storage by 0.4% in the 1st quarter. Shell Asset Management Co. now owns 65,369 shares of the real estate investment trust’s stock worth $14,236,000 after purchasing an additional 277 shares in the last quarter. Creative Planning lifted its holdings in Public Storage by 4.5% in the 4th quarter. Creative Planning now owns 9,095 shares of the real estate investment trust’s stock worth $1,841,000 after purchasing an additional 395 shares in the last quarter. Finally, Man Group plc lifted its holdings in Public Storage by 830.4% in the 3rd quarter. Man Group plc now owns 12,188 shares of the real estate investment trust’s stock worth $2,457,000 after purchasing an additional 10,878 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.
PSA has been the subject of several analyst reports. Zacks Investment Research downgraded Public Storage from a “hold” rating to a “sell” rating in a report on Friday, February 1st. Barclays reiterated a “hold” rating and issued a $212.00 price objective on shares of Public Storage in a report on Tuesday, February 5th. Bank of America set a $230.00 price objective on Public Storage and gave the stock a “hold” rating in a report on Friday, March 1st. Jefferies Financial Group upgraded Public Storage from an “underperform” rating to a “hold” rating and lifted their price objective for the stock from $181.00 to $201.00 in a report on Tuesday, April 9th. Finally, Argus lifted their price objective on Public Storage to $240.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Five equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Public Storage presently has a consensus rating of “Hold” and a consensus price target of $211.88.
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Public Storage Company Profile
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.
See Also: Return On Assets
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