Blue Fin Capital Inc. boosted its stake in shares of Public Storage (NYSE:PSA) by 4.0% during the second quarter, Holdings Channel reports. The fund owned 2,844 shares of the real estate investment trust’s stock after buying an additional 109 shares during the period. Blue Fin Capital Inc.’s holdings in Public Storage were worth $727,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Concert Wealth Management Inc. increased its stake in Public Storage by 0.8% in the second quarter. Concert Wealth Management Inc. now owns 2,765 shares of the real estate investment trust’s stock valued at $710,000 after buying an additional 21 shares during the last quarter. Green Street Investors LLC increased its stake in Public Storage by 26.7% in the second quarter. Green Street Investors LLC now owns 34,200 shares of the real estate investment trust’s stock valued at $8,741,000 after buying an additional 7,200 shares during the last quarter. Quadrant Capital Group LLC increased its stake in Public Storage by 1.2% in the second quarter. Quadrant Capital Group LLC now owns 516 shares of the real estate investment trust’s stock valued at $127,000 after buying an additional 6 shares during the last quarter. Standard Life Investments LTD increased its stake in Public Storage by 7.7% in the second quarter. Standard Life Investments LTD now owns 114,129 shares of the real estate investment trust’s stock valued at $29,161,000 after buying an additional 8,186 shares during the last quarter. Finally, ING Groep NV purchased a new stake in Public Storage during the second quarter valued at $1,325,000. Institutional investors and hedge funds own 77.99% of the company’s stock.
Public Storage (NYSE:PSA) traded up 0.59% during midday trading on Monday, hitting $215.46. The stock had a trading volume of 292,604 shares. The firm has a market cap of $37.36 billion, a P/E ratio of 34.10 and a beta of 0.61. The stock has a 50-day moving average price of $218.86 and a 200 day moving average price of $243.41. Public Storage has a 12-month low of $207.06 and a 12-month high of $277.60.
Public Storage (NYSE:PSA) last announced its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $2.34 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.40 by $0.06. Public Storage had a net margin of 52.53% and a return on equity of 25.44%. The business earned $634.20 million during the quarter, compared to analysts’ expectations of $607.28 million. During the same period in the prior year, the firm posted $2.17 EPS. Public Storage’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, equities analysts anticipate that Public Storage will post $9.64 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 29th. Shareholders of record on Wednesday, September 14th were issued a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date of this dividend was Monday, September 12th. Public Storage’s dividend payout ratio is presently 113.92%.
A number of analysts have recently commented on the company. Zacks Investment Research downgraded Public Storage from a “hold” rating to a “sell” rating in a research note on Tuesday, September 27th. KeyCorp lowered their target price on Public Storage from $220.00 to $205.00 and set an “underweight” rating on the stock in a research note on Monday, September 12th. Cantor Fitzgerald restated a “hold” rating on shares of Public Storage in a research note on Friday, August 26th. Evercore ISI upgraded Public Storage from a “sell” rating to a “hold” rating and set a $228.00 target price on the stock in a research note on Monday, August 22nd. Finally, Bank of America Corp. downgraded Public Storage from a “buy” rating to a “neutral” rating in a research note on Thursday, August 11th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $244.38.
In other Public Storage news, insider John Reyes sold 30,000 shares of Public Storage stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $215.41, for a total value of $6,462,300.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 14.20% of the stock is owned by company insiders.
Public Storage Company Profile
Public Storage is a real estate investment trust. The Company’s 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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