Public Storage (NYSE:PSA) Raised to “Sector Weight” at KeyCorp

KeyCorp upgraded shares of Public Storage (NYSE:PSA) from an underweight rating to a sector weight rating in a research report report published on Tuesday, Benzinga reports. KeyCorp currently has $243.72 price target on the real estate investment trust’s stock.

Other research analysts also recently issued research reports about the company. Barclays reaffirmed a sell rating and set a $218.00 price target on shares of Public Storage in a research note on Tuesday, April 16th. Jefferies Financial Group raised Public Storage from an underperform rating to a hold rating and lifted their price target for the stock from $181.00 to $201.00 in a research note on Tuesday, April 9th. Argus lifted their price target on Public Storage to $240.00 and gave the stock a buy rating in a research note on Tuesday, April 9th. Zacks Investment Research raised Public Storage from a sell rating to a hold rating in a research note on Tuesday, February 12th. Finally, Bank of America set a $230.00 price target on Public Storage and gave the stock a hold rating in a research note on Friday, March 1st. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $215.41.

Public Storage stock opened at $242.26 on Tuesday. Public Storage has a one year low of $193.89 and a one year high of $247.63. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.58 and a quick ratio of 0.58. The firm has a market capitalization of $42.03 billion, a price-to-earnings ratio of 22.94, a price-to-earnings-growth ratio of 5.61 and a beta of 0.18.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, May 1st. The real estate investment trust reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.52 by ($0.79). The firm had revenue of $689.00 million for 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%. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period last year, the firm earned $2.48 EPS. On average, analysts predict that Public Storage will post 10.73 earnings per share for the current year.

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 3.30%. The ex-dividend date of this dividend is Tuesday, June 11th. Public Storage’s dividend payout ratio (DPR) is presently 75.76%.

A number of hedge funds have recently made changes to their positions in the stock. Marshall Wace North America L.P. acquired a new position in Public Storage in the 1st quarter valued at about $305,000. Accident Compensation Corp acquired a new position in Public Storage in the 1st quarter valued at about $784,000. Allstate Corp raised its stake in Public Storage by 31.2% in the 1st quarter. Allstate Corp now owns 7,029 shares of the real estate investment trust’s stock valued at $1,531,000 after purchasing an additional 1,672 shares during the last quarter. Columbia Asset Management raised its stake in Public Storage by 42.2% in the 1st quarter. Columbia Asset Management now owns 1,095 shares of the real estate investment trust’s stock valued at $238,000 after purchasing an additional 325 shares during the last quarter. Finally, Nordea Investment Management AB raised its stake in Public Storage by 428.2% in the 1st quarter. Nordea Investment Management AB now owns 107,273 shares of the real estate investment trust’s stock valued at $23,362,000 after purchasing an additional 86,963 shares during the last quarter. 80.56% of the stock is owned by hedge funds and other institutional investors.

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.

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Analyst Recommendations for Public Storage (NYSE:PSA)

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