Public Storage (NYSE:PSA) posted its earnings results on Tuesday. The real estate investment trust reported $1.87 earnings per share for the quarter, missing the consensus estimate of $2.86 by ($0.99), Fidelity Earnings reports. The firm had revenue of $717.50 million during the quarter, compared to analyst estimates of $723.13 million. Public Storage had a net margin of 60.98% and a return on equity of 33.96%. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.17 earnings per share.
Shares of NYSE PSA traded up $6.30 during mid-day trading on Wednesday, reaching $227.18. The company had a trading volume of 382,400 shares, compared to its average volume of 873,914. The stock has a market cap of $39.56 billion, a P/E ratio of 26.85, a PEG ratio of 6.05 and a beta of 0.08. The firm has a 50 day simple moving average of $222.99 and a two-hundred day simple moving average of $230.81. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.38. Public Storage has a 52-week low of $200.77 and a 52-week high of $266.76.
Several research firms have weighed in on PSA. Wells Fargo & Co lowered shares of Public Storage from a “market perform” rating to an “underperform” rating and decreased their target price for the company from $230.00 to $202.00 in a report on Tuesday, December 10th. Stifel Nicolaus decreased their target price on shares of Public Storage from $266.00 to $255.00 and set a “buy” rating on the stock in a report on Wednesday. Argus decreased their target price on shares of Public Storage from $290.00 to $260.00 and set a “buy” rating on the stock in a report on Monday, December 2nd. Morgan Stanley decreased their target price on shares of Public Storage from $240.00 to $200.00 and set an “equal weight” rating on the stock in a report on Tuesday, December 17th. Finally, Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $228.00 target price on the stock. in a report on Tuesday, November 19th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $233.62.
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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