Standard Life Investments LTD raised its position in shares of Public Storage (NYSE:PSA) by 7.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 114,129 shares of the real estate investment trust’s stock after buying an additional 8,186 shares during the period. Standard Life Investments LTD’s holdings in Public Storage were worth $29,161,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in 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 during the period. NN Investment Partners Holdings N.V. purchased a new stake in Public Storage during the first quarter worth about $57,045,000. Capital Growth Management LP purchased a new stake in Public Storage during the first quarter worth about $50,615,000. Bank of Montreal Can purchased a new stake in Public Storage during the second quarter worth about $45,101,000. Finally, Canada Pension Plan Investment Board increased its stake in 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 during the period. 77.98% of the stock is owned by institutional investors and hedge funds.
Shares of Public Storage (NYSE:PSA) traded down 1.77% during mid-day trading on Wednesday, reaching $208.89. The company’s stock had a trading volume of 985,003 shares. The company has a 50 day moving average price of $221.59 and a 200 day moving average price of $245.79. Public Storage has a 12 month low of $208.31 and a 12 month high of $277.60. The stock has a market capitalization of $36.22 billion, a P/E ratio of 33.06 and a beta of 0.61.
Public Storage (NYSE:PSA) last posted its 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. The business had revenue of $634.20 million for the quarter, compared to analyst estimates of $607.28 million. Public Storage had a return on equity of 25.44% and a net margin of 52.53%. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the company earned $2.17 earnings per share. On average, equities research analysts anticipate that Public Storage will post $9.64 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 29th. Shareholders of record on Wednesday, September 14th were given a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a yield of 3.45%. The ex-dividend date was Monday, September 12th. Public Storage’s payout ratio is 113.92%.
A number of equities research analysts have issued reports on PSA shares. KeyCorp lowered their price target 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 reissued a “hold” rating on shares of Public Storage in a research report on Friday, August 26th. Zacks Investment Research downgraded Public Storage from a “hold” rating to a “sell” rating in a research report on Tuesday, September 27th. 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 research report on Monday, August 22nd. Finally, FBR & Co reissued a “marketperform” rating and set a $250.00 price target on shares of Public Storage in a research report on Wednesday, June 22nd. Four investment 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 has a consensus rating of “Hold” and a consensus 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 shares were sold at an average price of $215.41, for a total transaction of $6,462,300.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 14.20% of the company’s stock.
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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