Forsta AP Fonden raised its stake in Public Storage (NYSE:PSA) by 167.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,000 shares of the real estate investment trust’s stock after buying an additional 28,800 shares during the period. Forsta AP Fonden’s holdings in Public Storage were worth $9,592,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Brookfield Asset Management Inc. acquired a new position in shares of Public Storage during the fourth quarter valued at approximately $103,852,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Public Storage during the fourth quarter valued at approximately $217,000. UBS Asset Management Americas Inc. increased its position in shares of Public Storage by 9.4% in the fourth quarter. UBS Asset Management Americas Inc. now owns 694,221 shares of the real estate investment trust’s stock valued at $155,160,000 after buying an additional 59,929 shares during the last quarter. Kentucky Retirement Systems acquired a new position in shares of Public Storage during the fourth quarter valued at approximately $2,419,000. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Public Storage during the fourth quarter valued at approximately $1,079,000. 78.47% of the stock is currently owned by institutional investors and hedge funds.
Public Storage (NYSE PSA) traded down 0.73% during mid-day trading on Friday, hitting $196.29. 793,777 shares of the company were exchanged. The company’s 50-day moving average is $204.11 and its 200 day moving average is $214.49. 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 12-month low of $192.15 and a 12-month high of $233.39.
Public Storage (NYSE:PSA) last released its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing analysts’ consensus estimates of $2.54 by $0.95. The firm had revenue of $624.20 million for the quarter, compared to the consensus estimate of $626.27 million. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.40 earnings per share. Analysts expect that Public Storage will post $7.09 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $8.00 dividend on an annualized basis and a yield of 4.08%. Public Storage’s dividend payout ratio is currently 113.96%.
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Several research analysts recently weighed in on PSA shares. Zacks Investment Research cut shares of Public Storage from a “hold” rating to a “sell” rating in a research report on Friday, May 12th. Cantor Fitzgerald dropped their price objective on shares of Public Storage from $222.00 to $216.00 and set a “neutral” rating for the company in a research report on Monday, May 22nd. BidaskClub upgraded shares of Public Storage from a “strong sell” rating to a “sell” rating in a research report on Friday, June 16th. Jefferies Group LLC restated a “hold” rating and issued a $222.00 price objective on shares of Public Storage in a research report on Friday, July 14th. Finally, Barclays PLC dropped their price objective on shares of Public Storage from $216.00 to $209.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 18th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. Public Storage presently has an average rating of “Hold” and a consensus target price of $220.55.
In related news, Director Ronald P. Spogli purchased 2,000 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were purchased at an average price of $200.59 per share, with a total value of $401,180.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Reyes sold 60,000 shares of the firm’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 disclosure for this sale can be found here. 14.42% of the stock is currently owned by company insiders.
Public Storage Company Profile
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.
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