Raymond James analyst Jonathan Hughes reiterated a Hold rating on Public Storage (PSA) yesterday. The company’s shares closed last Wednesday at $242.61, close to its 52-week high of $246.21.
According to TipRanks.com, Hughes is a 4-star analyst with an average return of 10.9% and a 62.9% success rate. Hughes covers the Financial sector, focusing on stocks such as Extra Space Storage, Omega Healthcare, and Life Storage.
Currently, the analyst consensus on Public Storage is a Moderate Buy with an average price target of $235.33, implying a -2.7% downside from current levels. In a report released yesterday, BMO Capital also maintained a Hold rating on the stock with a $240.00 price target.
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Based on Public Storage’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $731 million and net profit of $325 million. In comparison, last year the company earned revenue of $729 million and had a net profit of $398 million.
Based on the recent corporate insider activity of 52 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PSA in relation to earlier this year. Most recently, in December 2020, Tamara Hughes Gustavson, a Director at PSA bought 10,000 shares for a total of $1,304,650.
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Public Storage operates as a real estate investment trust. The firm engages in acquiring, developing, owning and operating self-storage facilities. It operates through the following segments: Self-storage Operations, Ancillary Operations, Investment in PS Business Parks and Investment in Shurgard. The Self-storage Operations segment reflects the rental operations from all self-storage facilities. The Ancillary Operations segment deals with the sale of merchandise and reinsurance of policies against losses to goods stored by self-storage tenants, activities which are incidental to the primary self-storage rental activities. The Investment in PS Business Parks segment includes commercial properties, primarily multi-tenant flex, office, and industrial parks. The Investment in Shurgard segment owns self-storage facilities located in seven countries in Western Europe operated under the Shurgard brand name. The company was founded by Bradley Wayne Hughes, Sr. and Kenneth Q. Volk, Jr. in 1972 and is headquartered in Glendale, CA.