Public Storage (PSA) was Downgraded by KeyBanc Capital Mkts to ” Underweight”. Earlier the firm had a rating of “Sector Weight ” on the company shares. KeyBanc Capital Mkts advised their investors in a research report released on Jul 15, 2016.
Many Wall Street Analysts have commented on Public Storage. Public Storage was Initiated by FBR Capital to “Mkt Perform” on Jun 23, 2016. Company shares were Reiterated by RBC Capital Mkts on May 11, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 243 from a previous price target of $235 .Company shares were Reiterated by Barclays on May 2, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 253 from a previous price target of $251 .
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 opened for trading at $256.55 and hit $257.03 on the upside on Wednesday, eventually ending the session at $256.45, with a gain of 0.25% or 0.65 points. The heightened volatility saw the trading volume jump to 6,72,622 shares. Company has a market cap of $44,464 M.
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.