KeyCorp Equities Analysts Increase Earnings Estimates for Public Storage (PSA)

Public Storage (NYSE:PSA) – Equities researchers at KeyCorp boosted their FY2020 earnings per share (EPS) estimates for Public Storage in a research note issued on Monday, May 13th. KeyCorp analyst T. Thomas now anticipates that the real estate investment trust will post earnings of $11.04 per share for the year, up from their prior estimate of $10.91.

Public Storage (NYSE:PSA) last posted its quarterly earnings data 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). 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%. Public Storage’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.48 EPS.



Several other brokerages have also issued reports on PSA. Barclays reaffirmed a “hold” rating and set a $212.00 price target on shares of Public Storage in a research note on Tuesday, February 5th. Zacks Investment Research raised Public Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, February 12th. Bank of America set a $230.00 price target on Public Storage and gave the company a “hold” rating in a research note on Friday, March 1st. Jefferies Financial Group raised Public Storage from an “underperform” rating to a “hold” rating and upped their price target for the company from $181.00 to $201.00 in a research note on Tuesday, April 9th. Finally, Argus upped their price target on Public Storage to $240.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. Public Storage has a consensus rating of “Hold” and a consensus price target of $211.88.

Shares of PSA opened at $228.45 on Wednesday. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28. Public Storage has a 12-month low of $193.89 and a 12-month high of $234.90. The firm has a market cap of $39.91 billion, a PE ratio of 21.63, a PEG ratio of 5.34 and a beta of 0.26.

Several institutional investors and hedge funds have recently modified their holdings of PSA. Burke & Herbert Bank & Trust Co. increased its holdings in Public Storage by 3.5% in the first quarter. Burke & Herbert Bank & Trust Co. now owns 1,361 shares of the real estate investment trust’s stock valued at $296,000 after purchasing an additional 46 shares during the last quarter. Trust Co. of Vermont increased its holdings in Public Storage by 4.5% in the first quarter. Trust Co. of Vermont now owns 1,091 shares of the real estate investment trust’s stock valued at $238,000 after purchasing an additional 47 shares during the last quarter. Legacy Capital Partners Inc. increased its holdings in Public Storage by 2.4% in the first quarter. Legacy Capital Partners Inc. now owns 2,165 shares of the real estate investment trust’s stock valued at $471,000 after purchasing an additional 50 shares during the last quarter. Asset Planning Services Inc. LA ADV increased its holdings in Public Storage by 0.3% in the first quarter. Asset Planning Services Inc. LA ADV now owns 18,922 shares of the real estate investment trust’s stock valued at $4,121,000 after purchasing an additional 50 shares during the last quarter. Finally, Cetera Advisors LLC increased its holdings in Public Storage by 2.0% in the fourth quarter. Cetera Advisors LLC now owns 2,645 shares of the real estate investment trust’s stock valued at $534,000 after purchasing an additional 52 shares during the last quarter. 81.14% of the stock is currently owned by institutional investors and hedge funds.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.50%. The ex-dividend date is Tuesday, June 11th. Public Storage’s dividend payout ratio (DPR) is presently 75.76%.

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.

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Earnings History and Estimates for Public Storage (NYSE:PSA)

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