US Bancorp DE raised its position in Public Storage (NYSE:PSA) by 1.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,251 shares of the real estate investment trust’s stock after buying an additional 796 shares during the period. US Bancorp DE’s holdings in Public Storage were worth $9,019,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of the stock. Brookfield Asset Management Inc. purchased a new position in Public Storage during the fourth quarter valued at $103,852,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Public Storage during the fourth quarter valued at $217,000. UBS Asset Management Americas Inc. raised its position in 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 period. Kentucky Retirement Systems purchased a new position in Public Storage during the fourth quarter valued at $2,419,000. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Public Storage during the fourth quarter valued at $1,079,000. 78.47% of the stock is owned by hedge funds and other institutional investors.
Shares of Public Storage (PSA) traded down 0.73% on Friday, hitting $196.29. 793,777 shares of the stock traded hands. Public Storage has a 12 month low of $192.15 and a 12 month high of $233.39. The firm’s 50 day moving average is $204.11 and its 200-day moving average is $214.49. The company has a market cap of $34.15 billion, a PE ratio of 28.00 and a beta of 0.41.
Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.54 by $0.95. The company had revenue of $624.20 million for the quarter, compared to the consensus estimate of $626.27 million. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The business’s revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the company posted $2.40 EPS. Equities analysts predict that Public Storage will post $7.09 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th will be paid a dividend of $2.00 per share. The ex-dividend date is Tuesday, September 12th. This represents a $8.00 annualized dividend and a dividend yield of 4.08%. Public Storage’s dividend payout ratio (DPR) is presently 113.96%.
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PSA has been the subject of several recent 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 cut their target price 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. BidaskClub raised shares of Public Storage from a “strong sell” rating to a “sell” rating in a report on Friday, June 16th. Jefferies Group LLC reissued a “hold” rating and issued a $222.00 price target on shares of Public Storage in a report on Friday, July 14th. Finally, Barclays PLC cut their price target on shares of Public Storage from $216.00 to $209.00 and set an “equal weight” rating for the company in a report on Tuesday, July 18th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $220.55.
In related news, insider John Reyes sold 60,000 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $207.11, for a total transaction of $12,426,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ronald P. Spogli bought 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The shares were acquired at an average price of $200.59 per share, with a total value of $401,180.00. The disclosure for this purchase can be found here. Corporate insiders own 14.42% of the company’s stock.
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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