The stock of Public Storage (NYSE:PSA) gapped down by $0.41 today and has $199.24 target or 8.00% below today’s $216.56 share price. The 9 months technical chart setup indicates high risk for the $37.61B company. The gap down was reported on Oct, 4 by Barchart.com. If the $199.24 price target is reached, the company will be worth $3.01B less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 2.95% or $6.58 on October 3, hitting $216.56. Public Storage (NYSE:PSA) has declined 15.04% since March 1, 2016 and is downtrending. It has underperformed by 27.26% the S&P500.
Analysts await Public Storage (NYSE:PSA) to report earnings on October, 26. They expect $2.51 earnings per share, up 10.57% or $0.24 from last year’s $2.27 per share. PSA’s profit will be $435.91 million for 21.57 P/E if the $2.51 EPS becomes a reality. After $2.34 actual earnings per share reported by Public Storage for the previous quarter, Wall Street now forecasts 7.26% EPS growth.
Public Storage (NYSE:PSA) Ratings Coverage
Out of 16 analysts covering Public Storage (NYSE:PSA), 3 rate it a “Buy”, 3 “Sell”, while 10 “Hold”. This means 19% are positive. Public Storage has been the topic of 36 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Barclays Capital maintained the shares of PSA in a report on Wednesday, November 11 with “Overweight” rating. Goldman Sachs downgraded the stock to “Sell” rating in Monday, April 25 report. Raymond James downgraded Public Storage (NYSE:PSA) on Thursday, January 7 to “Mkt Perform” rating. The company was upgraded on Friday, September 4 by Raymond James. On Friday, July 15 the stock rating was downgraded by KeyBanc Capital Markets to “Underweight”. On Monday, November 16 the stock rating was maintained by Argus Research with “Buy”. The rating was downgraded by Evercore to “Sell” on Monday, March 21. The rating was upgraded by Evercore on Monday, August 22 to “Hold”. The stock of Public Storage (NYSE:PSA) earned “Neutral” rating by Bank of America on Thursday, August 11. The firm has “Sector Perform” rating by RBC Capital Markets given on Monday, November 9.
According to Zacks Investment Research, “Public Storage, Inc. is a fully integrated, self-administered and self-managed real estate investment trust that primarily acquires, develops, owns and operates self-storage facilities. The Company’s headquarters is located in Glendale, California. Public Storage is America’s premier storage company. Over the past three decades, the company has shown consistent growth in the number of properties owned, as well as in the range of services provided.”
Insitutional Activity: The institutional sentiment increased to 1.5 in 2016 Q2. Its up 0.90, from 0.6 in 2016Q1. The ratio is positive, as 1 funds sold all Public Storage shares owned while 1 reduced positions. 0 funds bought stakes while 3 increased positions. They now own 340,461 shares or 0.63% more from 338,327 shares in 2016Q1.
Mycio Wealth Prns last reported 0% of its portfolio in the stock. Geneva Advsr Limited has 0.01% invested in the company for 17,833 shares. Kcm Invest Advsrs Ltd Company has invested 0.05% of its portfolio in Public Storage (NYSE:PSA). Trust Of Vermont last reported 1,000 shares in the company. Van Hulzen Asset Management Lc has invested 1.03% of its portfolio in Public Storage (NYSE:PSA). Massmutual Fsb Adv has 0% invested in the company for 5,800 shares. Roosevelt Invest Grp Inc Inc reported 116,556 shares or 0.23% of all its holdings. Roundview Cap Limited Liability Co has 0.29% invested in the company for 31,690 shares. Spirit Of America Mgmt Ny last reported 0.12% of its portfolio in the stock. Fulton Breakefield Broenniman Limited Liability Company owns 34,330 shares or 0.18% of their US portfolio.
More news for Public Storage (NYSE:PSA) were recently published by: Businesswire.com, which released: “Public Storage to Release Third Quarter 2016 Earnings Results and Host …” on October 03, 2016. Forbes.com‘s article titled: “Ex-Dividend Reminder: Renasant, WesBanco and Public Storage” and published on September 08, 2016 is yet another important article.
PSA Company Profile
Public Storage, incorporated on March 13, 2007, is a real estate investment trust (REIT). The Company’s principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space. The Firm operates through Self-Storage Operations, Ancillary Operations, Investment in PS Business Parks, Inc. (PSB) and Investment in Shurgard Europe divisions. The Firm also has direct and indirect equity interests in approximately 30 million net rentable square feet of commercial space located in over nine states in the United States primarily owned and operated by PSB under the PS Business Parks name. The Firm manages approximately 30 self-storage facilities for third parties, and has equity interests in and manages over 12 additional self-storage facilities.
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