Public Storage (PSA) was Reiterated by Barclays to “Equal Weight” according to the research note released today. The brokerage firm has raised the Price Target to $ 253 from a previous price target of $251 . Barclays advised their investors in a research report released on May 2, 2016.
Many Wall Street Analysts have commented on Public Storage. Public Storage was Downgraded by Goldman to ” Sell” on Apr 25, 2016. Company shares were Reiterated by Barclays on Feb 22, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 232 from a previous price target of $218 .
On the company’s financial health, Public Storage reported $2.21 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Apr 26, 2016. Analyst had a consensus of $2.19. The company had revenue of $611.80 million for the quarter, compared to analysts expectations of $573.24 million. The company’s revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.94 EPS.
Public Storage closed down -8.6 points or -3.35% at $248.21 with 12,44,215 shares getting traded on Wednesday. Post opening the session at $254.16, the shares hit an intraday low of $246 and an intraday high of $254.38 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.
In a different news, on Mar 17, 2016, Candace N. Krol (CHRO & SVP) sold 3,000 shares at $263.50 per share price. According to the SEC, on Mar 4, 2016, David F Doll (SENIOR VICE PRESIDENT) sold 20,000 shares at $252.25 per share price. On Dec 16, 2015, John Reyes (SENIOR VICE PRESIDENT / CFO) sold 25,000 shares at $248.50 per share price, according to the Form-4 filing with the securities and exchange commission.
Public Storage (the Trust) is a real estate investment trust (REIT). The Trusts principal business activities include Domestic Self-Storage European Self-Storage and Commercial. The Trust acquires develops owns and operates self-storage facilities which offer storage spaces for lease on a month-to-month basis for personal and business use. It has direct and indirect equity interests in self-storage facilities in the United States operating under the Public Storage brand name. The Trust has an around 49% equity interest in Shurgard Self Storage Europe Limited (Shurgard Europe) which owns approximately 192 self-storage facilities (10 million net rentable square feet of space) located in seven countries in Western Europe operated under the Shurgard brand name. The Trust has an around 42% equity interest in PS Business Parks Inc. (PSB) a publicly held REIT which owns and operates around 28.6 million net rentable square feet of commercial space.