First Mercantile Trust Co. reduced its stake in shares of Public Storage (NYSE:PSA) by 23.2% during the second quarter, Holdings Channel reports. The firm owned 1,243 shares of the real estate investment trust’s stock after selling 375 shares during the period. First Mercantile Trust Co.’s holdings in Public Storage were worth $318,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in PSA. Los Angeles Capital Management & Equity Research Inc. increased its position in Public Storage by 57.8% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 103,114 shares of the real estate investment trust’s stock valued at $28,442,000 after buying an additional 37,759 shares during the period. Morris Capital Advisors LLC acquired a new position in Public Storage during the first quarter valued at approximately $594,000. Prudential Financial Inc. increased its position in Public Storage by 11.6% in the first quarter. Prudential Financial Inc. now owns 514,033 shares of the real estate investment trust’s stock valued at $141,786,000 after buying an additional 53,233 shares during the period. Willingdon Wealth Management increased its position in Public Storage by 16.1% in the first quarter. Willingdon Wealth Management now owns 7,694 shares of the real estate investment trust’s stock valued at $2,121,000 after buying an additional 1,067 shares during the period. Finally, BlackRock Group LTD increased its position in Public Storage by 3.4% in the first quarter. BlackRock Group LTD now owns 2,210,188 shares of the real estate investment trust’s stock valued at $609,637,000 after buying an additional 73,103 shares during the period. Institutional investors and hedge funds own 77.98% of the company’s stock.
Public Storage (NYSE:PSA) opened at 224.99 on Friday. The firm’s 50-day moving average is $223.21 and its 200 day moving average is $247.39. Public Storage has a 12-month low of $210.87 and a 12-month high of $277.60. The company has a market cap of $39.01 billion, a price-to-earnings ratio of 35.61 and a beta of 0.68.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $2.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.40 by $0.06. The firm earned $634.20 million during the quarter, compared to the consensus estimate of $607.28 million. Public Storage had a return on equity of 25.44% and a net margin of 52.53%. Public Storage’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter last year, the company posted $2.17 EPS. On average, equities analysts expect that Public Storage will post $9.64 earnings per share for the current fiscal year.
The company 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. The ex-dividend date was Monday, September 12th. This represents a $7.20 dividend on an annualized basis and a yield of 3.20%. Public Storage’s dividend payout ratio (DPR) is 113.92%.
PSA has been the topic of several research reports. FBR & Co initiated coverage on shares of Public Storage in a research note on Thursday, June 23rd. They issued a “market perform” rating and a $250.00 price target on the stock. KeyCorp downgraded shares of Public Storage from a “sector weight” rating to an “underweight” rating and set a $230.00 price target on the stock. in a research note on Friday, July 15th. Jefferies Group reduced their price objective on shares of Public Storage from $270.00 to $245.00 and set a “hold” rating on the stock in a research note on Wednesday, August 10th. Bank of America Corp. downgraded shares of Public Storage from a “buy” rating to a “neutral” rating in a research note on Thursday, August 11th. Finally, Evercore ISI upgraded shares of Public Storage from a “sell” rating to a “hold” rating and set a $228.00 price objective on the stock in a research note on Monday, August 22nd. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $243.24.
In other Public Storage news, insider John Reyes sold 30,000 shares of the stock in a transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 14.20% of the stock is owned by company insiders.
About Public Storage
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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