$673.58 Million in Sales Expected for Public Storage (PSA) This Quarter
Brokerages expect that Public Storage (NYSE:PSA) will report $673.58 million in sales for the current quarter, Zacks Investment Research reports. Six analysts have provided estimates for Public Storage’s earnings, with the lowest sales estimate coming in at $663.79 million and the highest estimate coming in at $683.47 million. Public Storage reported sales of $651.43 million during the same quarter last year, which would indicate a positive year over year growth rate of 3.4%. The business is expected to announce its next earnings report on Wednesday, February 28th.
According to Zacks, analysts expect that Public Storage will report full-year sales of $673.58 million for the current year, with estimates ranging from $2.66 billion to $2.69 billion. For the next financial year, analysts anticipate that the firm will report sales of $2.74 billion per share, with estimates ranging from $2.67 billion to $2.79 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover Public Storage.
PSA has been the subject of several research reports. SunTrust Banks, Inc. restated a “hold” rating and set a $200.00 price target on shares of Public Storage in a research report on Friday, October 27th. FBR & Co set a $220.00 price target on shares of Public Storage and gave the company a “hold” rating in a research report on Thursday, October 26th. BMO Capital Markets initiated coverage on shares of Public Storage in a research report on Monday, September 11th. They set an “underperform” rating and a $193.00 price target for the company. Evercore ISI restated an “underperform” rating and set a $204.00 price target (up previously from $197.00) on shares of Public Storage in a research report on Thursday, September 14th. Finally, BidaskClub lowered shares of Public Storage from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the stock. Public Storage currently has a consensus rating of “Hold” and an average price target of $213.08.
Public Storage (PSA) opened at $211.29 on Friday. The firm has a market cap of $36,778.34, a PE ratio of 21.32, a P/E/G ratio of 4.41 and a beta of 0.43. Public Storage has a 1 year low of $192.15 and a 1 year high of $232.21.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Wednesday, December 13th will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Tuesday, December 12th. This represents a $8.00 dividend on an annualized basis and a yield of 3.79%. Public Storage’s dividend payout ratio is presently 116.79%.
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A number of large investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio boosted its position in Public Storage by 1.7% during the third quarter. Public Employees Retirement System of Ohio now owns 270,815 shares of the real estate investment trust’s stock worth $57,952,000 after purchasing an additional 4,585 shares during the period. Garde Capital Inc. bought a new position in Public Storage during the third quarter worth about $315,000. IFM Investors Pty Ltd bought a new position in Public Storage during the third quarter worth about $940,000. Piedmont Investment Advisors LLC boosted its position in Public Storage by 0.9% during the third quarter. Piedmont Investment Advisors LLC now owns 32,570 shares of the real estate investment trust’s stock worth $6,970,000 after purchasing an additional 294 shares during the period. Finally, California Public Employees Retirement System boosted its position in Public Storage by 4.0% during the third quarter. California Public Employees Retirement System now owns 363,560 shares of the real estate investment trust’s stock worth $77,798,000 after purchasing an additional 14,059 shares during the period. Hedge funds and other institutional investors own 80.31% of the company’s stock.
Public Storage Company Profile
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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