Public Storage (NYSE:PSA) Raised to “Neutral” at Robert W. Baird

Robert W. Baird upgraded shares of Public Storage (NYSE:PSA) from an underperform rating to a neutral rating in a research report sent to investors on Wednesday morning, BenzingaRatingsTable reports. Robert W. Baird currently has $254.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $200.00.

PSA has been the topic of a number of other research reports. KeyCorp raised shares of Public Storage from an underweight rating to a sector weight rating and set a $243.72 target price on the stock in a research note on Tuesday, June 11th. Stifel Nicolaus initiated coverage on shares of Public Storage in a research note on Monday, August 19th. They issued a buy rating and a $285.00 target price on the stock. Bank of America raised shares of Public Storage from a neutral rating to a buy rating in a research note on Friday, July 19th. Finally, ValuEngine raised shares of Public Storage from a hold rating to a buy rating in a research note on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of Hold and an average target price of $234.22.

Shares of PSA stock opened at $259.50 on Wednesday. The company’s fifty day simple moving average is $250.19 and its 200-day simple moving average is $230.34. Public Storage has a 52 week low of $193.89 and a 52 week high of $264.56. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.38. The company has a market cap of $45.73 billion, a PE ratio of 24.55, a P/E/G ratio of 6.09 and a beta of 0.17.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.76 EPS for the quarter, missing the Zacks’ consensus estimate of $2.63 by ($0.87). Public Storage had a net margin of 60.77% and a return on equity of 33.78%. The business had revenue of $710.95 million during the quarter, compared to analysts’ expectations of $702.70 million. During the same period in the prior year, the business posted $2.57 EPS. The business’s revenue was up 3.7% on a year-over-year basis. Equities research analysts expect that Public Storage will post 10.75 EPS for the current fiscal year.

In related news, Chairman B Wayne Et Al Hughes sold 38,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $257.89, for a total transaction of $9,799,820.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 14.00% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Treasurer of the State of North Carolina grew its holdings in Public Storage by 2.8% during the 2nd quarter. Treasurer of the State of North Carolina now owns 113,057 shares of the real estate investment trust’s stock worth $26,927,000 after acquiring an additional 3,030 shares in the last quarter. Transamerica Financial Advisors Inc. acquired a new position in Public Storage during the 2nd quarter worth $89,000. Global Wealth Management Investment Advisory Inc. grew its holdings in Public Storage by 4.0% during the 2nd quarter. Global Wealth Management Investment Advisory Inc. now owns 7,111 shares of the real estate investment trust’s stock worth $1,694,000 after acquiring an additional 271 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new position in Public Storage during the 2nd quarter worth $150,000. Finally, Royal Bank of Canada grew its holdings in Public Storage by 71.8% during the 2nd quarter. Royal Bank of Canada now owns 156,091 shares of the real estate investment trust’s stock worth $37,176,000 after acquiring an additional 65,236 shares in the last quarter. 79.24% of the stock is owned by institutional investors and hedge funds.

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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