Company Update (NYSE:PSA): Public Storage Announces Redemption of All Outstanding Depositary Shares Representing Interests in its 6.35% Cumulative Preferred Shares, Series R

[Business Wire] – Public Storage announced today that it is calling for redemption all outstanding depositary shares representing interests in its 6.35% Cumulative Preferred Shares, Series R on July 26, 2016 at $25 per depositary share plus accrued dividends from July 1, 2016 through the date of redemption. Read more on this. Public Storage (PSA) , valued at $41.81B, started trading this morning at $242.36. Looking at the equity, the company’s one day range is $241.06 to $243.40 with its 52-week range being $182.08 to $277.60. Priced at 24.79x this year’s forecasted earnings, PSA shares are relatively expensive compared to the industry’s 21.87x forward p/e ratio. The company pays shareholders $7.20 per share in dividend income per year, for a current yield of 2.98%. Consensus earnings for the current quarter by the 15 sell-side analysts covering the stock is an estimate of $2.40 per share, which would be $0.25 better than the year-ago quarter and a $0.00 sequential decrease. The full-year EPS estimate is $9.72, which would be a $0.93 better than last year. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $603.66 Million. If realized, that would be a 9.55% increase over the year-ago quarter. In terms of ratings, Goldman downgraded PSA from Neutral to Sell (Apr 25, 2016). Previously, Barclays downgraded PSA from Overweight to Equal Weight. The average price target for PSA shares by the analysts covering it is $253.70, which is 4.68% above where the stock opened. See more in (NYSE:PSA) Similar Articles: Company Update (NYSE:HES): Hess Corporation Announces Concurrent Offerings of Common Stock and Depositary Shares Representing an Interest in Mandatory Convertible Preferred Stock Company Update: Public Storage (NYSE:PSA) – Public Storage to Release Fourth Quarter 2015 Earnings Results and Host Quarterly Conference Call Company Update (NYSE:STT): State Street Corporation Declares Quarterly Dividend on its Non-Cumulative Perpetual Preferred Stock Series “C”, Series “D”, Series “E”, and Series “F”