FineMark National Bank & Trust raised its stake in shares of Public Storage (NYSE:PSA) by 27.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,881 shares of the real estate investment trust’s stock after buying an additional 406 shares during the period. FineMark National Bank & Trust’s holdings in Public Storage were worth $392,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. raised its position in Public Storage by 2,552.4% in the first quarter. BlackRock Inc. now owns 14,167,308 shares of the real estate investment trust’s stock valued at $3,101,367,000 after buying an additional 13,633,185 shares during the period. Daiwa Securities Group Inc. raised its position in Public Storage by 109.6% in the first quarter. Daiwa Securities Group Inc. now owns 2,034,261 shares of the real estate investment trust’s stock valued at $445,320,000 after buying an additional 1,063,521 shares during the period. Massachusetts Financial Services Co. MA raised its position in Public Storage by 87.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,477,786 shares of the real estate investment trust’s stock valued at $323,502,000 after buying an additional 688,042 shares during the period. Morgan Stanley raised its position in Public Storage by 16.3% in the first quarter. Morgan Stanley now owns 2,751,504 shares of the real estate investment trust’s stock valued at $602,333,000 after buying an additional 385,136 shares during the period. Finally, Vanguard Group Inc. raised its position in Public Storage by 1.8% in the first quarter. Vanguard Group Inc. now owns 21,329,524 shares of the real estate investment trust’s stock valued at $4,669,246,000 after buying an additional 377,659 shares during the period. 78.47% of the stock is owned by institutional investors and hedge funds.
Shares of Public Storage (PSA) opened at 196.29 on Friday. The company has a market capitalization of $34.15 billion, a P/E ratio of 28.00 and a beta of 0.41. Public Storage has a 52-week low of $192.15 and a 52-week high of $233.39. The firm’s 50 day moving average is $204.11 and its 200-day moving average is $214.49.
Public Storage (NYSE:PSA) last released its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.54 by $0.95. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The business had revenue of $624.20 million for the quarter, compared to analyst estimates of $626.27 million. During the same quarter in the previous year, the company posted $2.40 earnings per share. The business’s revenue for the quarter was up 5.0% on a year-over-year basis. Equities research analysts anticipate that Public Storage will post $7.09 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be given a dividend of $2.00 per share. The ex-dividend date is Tuesday, September 12th. This represents a $8.00 dividend on an annualized basis and a yield of 4.08%. Public Storage’s payout ratio is presently 113.96%.
PSA has been the subject of several research reports. Zacks Investment Research lowered shares of Public Storage from a “hold” rating to a “sell” rating in a report on Friday, May 12th. Cantor Fitzgerald decreased their price target on shares of Public Storage from $222.00 to $216.00 and set a “neutral” rating for the company in a report on Monday, May 22nd. Jefferies Group LLC reaffirmed a “hold” rating and issued a $222.00 price target on shares of Public Storage in a report on Friday, July 14th. Bank of America Corporation decreased their price target on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a report on Thursday, July 20th. Finally, Barclays PLC cut their price objective on shares of Public Storage from $216.00 to $209.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 18th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $220.55.
In other Public Storage news, insider John Reyes sold 60,000 shares of the company’s stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $207.11, for a total transaction of $12,426,600.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Ronald P. Spogli purchased 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The stock was purchased at an average price of $200.59 per share, for a total transaction of $401,180.00. The disclosure for this purchase can be found here. Corporate insiders own 14.42% of the company’s stock.
About Public Storage
Public Storage 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.
Receive News & Ratings for Public Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Storage and related companies with MarketBeat.com's FREE daily email newsletter.