Public Storage (PSA) Lowered to “Sell” at Zacks Investment Research
Zacks Investment Research lowered shares of Public Storage (NYSE:PSA) from a hold rating to a sell rating in a research report sent to investors on Wednesday morning.
According to Zacks, “Shares of Public Storage have underperformed the industry it belongs to in the past three months. Moreover, the stock has seen the Zacks Consensus Estimate for fourth-quarter 2017 funds from operations (FFO) per share being revised downward in two months’ time. Admittedly, Public Storage is a recognized and established name in the self-storage industry in the United States and its acquisition and expansion efforts look encouraging. Late in 2017, the company unveiled a new facility in Richmond, TX. The facility marked the company’s seventh in the Houston area in the year. However, supply has been rising in a number of its markets. This limits its power to raise rents and turn on more discounting. Further, rate hike have added to its woes.”
Other analysts also recently issued research reports about the company. Jefferies Group set a $212.00 price target on Public Storage and gave the stock a hold rating in a research note on Tuesday, November 28th. Barclays restated a hold rating and issued a $207.00 price target on shares of Public Storage in a research note on Thursday, October 19th. SunTrust Banks restated a hold rating and issued a $200.00 price target on shares of Public Storage in a research note on Friday, October 27th. FBR & Co set a $220.00 price target on Public Storage and gave the stock a hold rating in a research note on Thursday, October 26th. Finally, B. Riley set a $220.00 price target on Public Storage and gave the stock a hold rating in a research note on Wednesday, November 15th. Eight equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. Public Storage currently has an average rating of Hold and a consensus target price of $209.38.
Public Storage (NYSE:PSA) last posted its earnings results on Wednesday, October 25th. The real estate investment trust reported $1.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.60 by ($0.99). The firm had revenue of $686.36 million for the quarter, compared to analysts’ expectations of $684.56 million. Public Storage had a return on equity of 27.78% and a net margin of 52.48%. analysts expect that Public Storage will post 10.16 earnings per share for the current year.
In other Public Storage news, insider John Reyes sold 60,000 shares of the stock in a transaction 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Gary E. Pruitt sold 5,000 shares of the stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $212.09, for a total value of $1,060,450.00. Following the sale, the director now owns 8,350 shares in the company, valued at $1,770,951.50. The disclosure for this sale can be found here. Corporate insiders own 14.42% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Covington Capital Management boosted its stake in Public Storage by 11.7% during the 2nd quarter. Covington Capital Management now owns 8,960 shares of the real estate investment trust’s stock valued at $1,868,000 after purchasing an additional 937 shares during the last quarter. PGGM Investments boosted its stake in Public Storage by 0.8% during the 3rd quarter. PGGM Investments now owns 1,486,414 shares of the real estate investment trust’s stock valued at $318,078,000 after purchasing an additional 11,472 shares during the last quarter. Pictet Asset Management Ltd. boosted its stake in Public Storage by 3.5% during the 3rd quarter. Pictet Asset Management Ltd. now owns 103,907 shares of the real estate investment trust’s stock valued at $22,235,000 after purchasing an additional 3,480 shares during the last quarter. QS Investors LLC boosted its stake in Public Storage by 37.7% during the 2nd quarter. QS Investors LLC now owns 11,325 shares of the real estate investment trust’s stock valued at $2,362,000 after purchasing an additional 3,100 shares during the last quarter. Finally, Kemper Corp Master Retirement Trust boosted its stake in Public Storage by 15.4% during the 2nd quarter. Kemper Corp Master Retirement Trust now owns 3,370 shares of the real estate investment trust’s stock valued at $703,000 after purchasing an additional 450 shares during the last quarter. Institutional investors and hedge funds own 80.65% of the company’s stock.
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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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