ING Groep NV purchased a new position in Public Storage (NYSE:PSA) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,185 shares of the real estate investment trust’s stock, valued at approximately $1,325,000.
A number of other hedge funds also recently modified their holdings of PSA. JPMorgan Chase & Co. increased its stake in shares of Public Storage by 17.7% in the first quarter. JPMorgan Chase & Co. now owns 1,698,899 shares of the real estate investment trust’s stock worth $468,606,000 after buying an additional 255,965 shares in the last quarter. NN Investment Partners Holdings N.V. bought a new stake in shares of Public Storage during the first quarter worth about $57,045,000. Capital Growth Management LP bought a new stake in shares of Public Storage during the first quarter worth about $50,615,000. Bank of Montreal Can bought a new stake in shares of Public Storage during the second quarter worth about $45,101,000. Finally, Canada Pension Plan Investment Board increased its stake in shares of Public Storage by 662.6% in the first quarter. Canada Pension Plan Investment Board now owns 138,280 shares of the real estate investment trust’s stock worth $38,142,000 after buying an additional 120,147 shares in the last quarter. Institutional investors own 77.98% of the company’s stock.
Shares of Public Storage (NYSE:PSA) traded up 1.12% during midday trading on Thursday, hitting $211.24. The stock had a trading volume of 889,131 shares. The stock has a market cap of $36.63 billion, a PE ratio of 33.43 and a beta of 0.61. The firm has a 50 day moving average price of $221.12 and a 200 day moving average price of $245.54. Public Storage has a one year low of $207.06 and a one year high of $277.60.
Public Storage (NYSE:PSA) last announced its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $2.34 EPS for the quarter, missing the Thomson Reuters’ 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 analyst estimates of $607.28 million. During the same period last year, the company earned $2.17 EPS. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, equities analysts forecast that Public Storage will post $9.64 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Stockholders of record on Wednesday, September 14th were paid a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend was Monday, September 12th. Public Storage’s dividend payout ratio (DPR) is presently 113.92%.
Several analysts have recently weighed in on the company. Jefferies Group decreased their target price on Public Storage from $270.00 to $245.00 and set a “hold” rating for the company in a research report on Wednesday, August 10th. Zacks Investment Research downgraded Public Storage from a “hold” rating to a “sell” rating in a research report on Tuesday, September 27th. KeyCorp decreased their target price on Public Storage from $220.00 to $205.00 and set an “underweight” rating for the company in a research report on Monday, September 12th. Cantor Fitzgerald reiterated a “hold” rating on shares of Public Storage in a research report on Friday, August 26th. Finally, Evercore ISI upgraded Public Storage from a “sell” rating to a “hold” rating and set a $228.00 target price for the company in a research report on Monday, August 22nd. Four investment 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 presently has a consensus rating of “Hold” and a consensus target price of $243.24.
In other news, insider John Reyes sold 30,000 shares of the company’s 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. 14.20% of the stock is owned by 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.
Want to see what other hedge funds are holding PSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Storage (NYSE:PSA).
Receive News & Ratings for Public Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Storage and related companies with MarketBeat.com's FREE daily email newsletter.