This High-Yield Stock Just Went on Sale
Shares of leading self-storage REIT Public Storage (NYSE: PSA) fell more than 5% after reporting disappointing second-quarter earnings, and dropped below the $200 mark for the first time since 2015. Public Storage has an impressive track record of delivering fantastic long-term performance to shareholders, and pays a 4% dividend yield, so this could be an opportunity to buy this industry leader at a discount.
Public Storage missed analysts' estimates on both the top and bottom lines for the second quarter. While core funds from operations (FFO) of $2.51 per share represented a 4.6% increase from the second quarter of last year, it missed estimates by $0.03. Furthermore, revenue of $664.3 million also failed to meet expectations.
There were a few other causes for concern as well. The company's gross margin dropped by 70 basis points to 73.2%, and same-store occupancy dropped by 90 basis points to 94.5%.
Source: Fool.com
Public Storage Stock
We see a rather positive sentiment for Public Storage with 16 Buy predictions and 1 Sell predictions.
At the moment Public Storage has reached the predicted target price of 283 €, with a current price of 280.9 €.
