BlackRock Fund Advisors recently announced the acquisition of new stake in Public Storage (NYSE:PSA). The institutional investor has increased its shareholding in the Real Estate company by 0.68% to 12.03 million shares with purchase of 81253.0 shares. This fresh investment now brings its stake to 6.88% valued currently at $2.31 billion. In addition, SSgA Funds Management, Inc. raised its holdings by 86807.0 to 10.55 million shares. And Cohen & Steers Capital Management. has lifted its position by 59.18% or 2.95 million shares – to 7.94 million shares.
With over 0.58 million Public Storage (PSA) shares trading Tuesday and a closing price of $186.84 on the day, the dollar volume was approximately $108.61 million. The shares have shown a negative weekly performance of -3.61% and its price on 07/21/20 lost nearly -0.51%. Currently, there are 174.45M common shares owned by the public and among those 151.61M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 16 analysts who have offered their price forecasts for PSA have a consensus price objective of $199.92. The analysts have set the share’s price value over the next 12 months at a high of $236.00 and a low of $175.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Public Storage stock is 2.90 for the next 12 months. The average price target is 6.2% above its last price level and an upside to the estimated low will see the stock lose -6.77% over that period. But an upside of 20.83% will see the stock hit the forecast high price target while mean target price for the stock is $197.50.
Insiders at the company have transacted a total of 82 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 30 of these insider trades were purchases, accounting for 455,814 shares. Insider sales of the common stock occurred on 52 occasions, with total insider shares sold totaling 1,204,995 shares.
The top 3 mutual fund holders in Public Storage are Vanguard Real Estate Index Fund, Stichting Pensioenfonds ABP (Glob, and Vanguard Total Stock Market Index. Vanguard Real Estate Index Fund owns 6.86 million shares of the company’s stock, all valued at over $1.32 billion. The company bought an additional 54631.0 shares recently to bring their total holdings to about 3.92% of the shares outstanding. Stichting Pensioenfonds ABP (Glob sold -0.25 million shares to see its total holdings shrink to 4.63 million shares valued at over $889.06 million and representing 2.65% of the shares outstanding. Vanguard Total Stock Market Index sold 55726.0 shares to bring its total holdings to over 4.23 million shares at a value of $811.96 million. Vanguard Total Stock Market Index now owns shares totaling to 2.42% of the shares outstanding.
Shares of Public Storage (NYSE: PSA) opened at $189.18, up $1.39 from a prior closing price of $187.79. However, the script later closed the day at $186.84, down -0.51%. The company’s stock has a 5-day price change of -3.61% and -2.13% over the past three months. PSA shares are trading -12.27% year to date (YTD), with the 12-month market performance down to -22.99% lower. It has a 12-month low price of $155.37 and touched a high of $266.76 over the same period. Currently, 0.58 million shares have been traded, compared to an average intraday trading volume of 988.86K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.99%, -3.48%, and -10.34% respectively.
Institutional ownership of Public Storage (NYSE: PSA) shares accounts for 82.00% of the company’s 174.45M shares outstanding. Mutual fund holders own 32.04%, while other institutional holders and individual stakeholders account for 50.07% and 13.38% respectively.
It has a market capitalization of $31.99B and a beta (3y monthly) value of 0.11. The stock’s trailing 12-month PE ratio is 25.40, while the earnings-per-share (ttm) stands at $7.36. The company has a PEG of 1.49 and the debt-to-equity ratio at 0.49. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.56% over the week and 2.34% over the month.
Analysts forecast that Public Storage (PSA) will achieve an EPS of $1.62 for the current quarter, $1.69 for the next quarter and $7.09 for 2021. The lowest estimate earnings-per-share for the quarter is $1.5 while analysts give the company a high EPS estimate of $1.66. Comparatively, EPS for the current quarter was $1.76 a year ago. Earnings per share for the fiscal year are expected to decrease by -14.60%, and 0.10% over the next financial year. EPS should grow at an annualized rate of 17.00% over the next five years, compared to 6.80% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 16 brokerage firm advisors rate Public Storage (PSA) as a “Moderate Buy” at a consensus score of 2.90. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 11 of the 16 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the PSA, a number of firms have released research notes about the stock. Goldman stated their Neutral rating for the stock in a research note on June 26, 2020, with the firm’s price target at $213. Argus coverage for the Public Storage (PSA) stock in a research note released on June 19, 2020 offered a Hold rating with a price target of. Evercore ISI was of a view on June 15, 2020 that the stock is In-line, while Morgan Stanley gave the stock Underweight rating on April 28, 2020, issuing a price target of $159. Morgan Stanley on their part issued Equal-Weight rating on March 26, 2020.