Green Street Investors LLC increased its stake in shares of Public Storage (NYSE:PSA) by 26.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,200 shares of the real estate investment trust’s stock after buying an additional 7,200 shares during the period. Public Storage comprises 7.1% of Green Street Investors LLC’s portfolio, making the stock its 5th largest position. Green Street Investors LLC’s holdings in Public Storage were worth $8,741,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the stock. Washington Trust Bank increased its stake in shares of Public Storage by 7.4% in the second quarter. Washington Trust Bank now owns 420 shares of the real estate investment trust’s stock valued at $107,000 after buying an additional 29 shares in the last quarter. Quadrant Capital Group LLC increased its stake in shares of 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 in the last quarter. Capital Advisors Ltd. LLC increased its stake in shares of Public Storage by 35.4% in the second quarter. Capital Advisors Ltd. LLC now owns 555 shares of the real estate investment trust’s stock valued at $142,000 after buying an additional 145 shares in the last quarter. Financial Architects Inc increased its stake in shares of Public Storage by 398.6% in the second quarter. Financial Architects Inc now owns 733 shares of the real estate investment trust’s stock valued at $188,000 after buying an additional 586 shares in the last quarter. Finally, Pure Financial Advisors Inc. acquired a new stake in shares of Public Storage during the second quarter valued at $209,000. Institutional investors own 77.98% of the company’s stock.
Public Storage (NYSE:PSA) traded down 1.77% during mid-day trading on Wednesday, hitting $208.89. The stock had a trading volume of 984,393 shares. The stock has a 50-day moving average price of $222.13 and a 200 day moving average price of $246.06. The firm has a market cap of $36.22 billion, a P/E ratio of 33.06 and a beta of 0.61. Public Storage has a 12-month low of $208.31 and a 12-month high of $277.60.
Public Storage (NYSE:PSA) last announced its earnings results 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 analyst estimates of $607.28 million. Public Storage had a net margin of 52.53% and a return on equity of 25.44%. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period last year, the company earned $2.17 earnings per share. Equities analysts anticipate that Public Storage will post $9.64 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Wednesday, September 14th were given a $1.80 dividend. The ex-dividend date of this dividend was Monday, September 12th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 3.45%. Public Storage’s dividend payout ratio (DPR) is presently 113.92%.
Several equities research analysts have weighed in on PSA shares. FBR & Co started coverage on Public Storage in a report on Thursday, June 23rd. They issued a “market perform” rating and a $250.00 price target for the company. KeyCorp downgraded Public Storage from a “sector weight” rating to an “underweight” rating and set a $230.00 price target for the company. in a report on Friday, July 15th. Jefferies Group lowered their price target on Public Storage from $270.00 to $245.00 and set a “hold” rating for the company in a report on Wednesday, August 10th. Bank of America Corp. downgraded Public Storage from a “buy” rating to a “neutral” rating in a report on Thursday, August 11th. Finally, Evercore ISI raised Public Storage from a “sell” rating to a “hold” rating and set a $228.00 price target for the company in a report on Monday, August 22nd. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $243.24.
In related news, insider John Reyes sold 30,000 shares of the company’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 14.20% of the stock is owned by corporate 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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