Patriot Wealth Management Inc. Raises Stake in Public Storage (PSA)

Patriot Wealth Management Inc. raised its position in Public Storage (NYSE:PSA) by 3.3% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 37,969 shares of the real estate investment trust’s stock after buying an additional 1,230 shares during the period. Public Storage makes up 1.3% of Patriot Wealth Management Inc.’s holdings, making the stock its 21st largest position. Patriot Wealth Management Inc.’s holdings in Public Storage were worth $7,918,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Mascoma Wealth Management LLC boosted its stake in shares of Public Storage by 128.0% in the first quarter. Mascoma Wealth Management LLC now owns 456 shares of the real estate investment trust’s stock worth $100,000 after buying an additional 256 shares during the period. Israel Discount Bank of New York acquired a new stake in shares of Public Storage during the first quarter worth $100,000. CENTRAL TRUST Co boosted its stake in shares of Public Storage by 41.3% in the second quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock worth $121,000 after buying an additional 169 shares during the period. Guardian Life Insurance Co. of America boosted its stake in shares of Public Storage by 0.9% in the first quarter. Guardian Life Insurance Co. of America now owns 576 shares of the real estate investment trust’s stock worth $126,000 after buying an additional 5 shares during the period. Finally, Quadrant Capital Group LLC boosted its stake in shares of Public Storage by 0.5% in the first quarter. Quadrant Capital Group LLC now owns 629 shares of the real estate investment trust’s stock worth $130,000 after buying an additional 3 shares during the period. 79.54% of the stock is currently owned by institutional investors.

Public Storage (NYSE PSA) traded up 0.68% during trading on Friday, reaching $208.94. 439,521 shares of the company’s stock traded hands. Public Storage has a 12 month low of $200.65 and a 12 month high of $255.21. The company has a market capitalization of $36.32 billion, a price-to-earnings ratio of 29.68 and a beta of 0.41. The firm’s 50 day moving average is $209.22 and its 200-day moving average is $217.16.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, April 26th. The real estate investment trust reported $2.37 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.42 by $0.05. Public Storage had a net margin of 54.13% and a return on equity of 27.74%. The business had revenue of $645.55 million during the quarter, compared to the consensus estimate of $615.23 million. During the same period in the prior year, the firm earned $2.21 earnings per share. The business’s quarterly revenue was up 5.5% compared to the same quarter last year. Analysts expect that Public Storage will post $7.33 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 29th. Investors of record on Wednesday, June 14th were issued a $2.00 dividend. The ex-dividend date of this dividend was Monday, June 12th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.83%. Public Storage’s dividend payout ratio is 113.64%.

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A number of analysts have weighed in on PSA shares. Barclays PLC increased their target price on shares of Public Storage from $222.00 to $224.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 19th. Zacks Investment Research raised shares of Public Storage from a “sell” rating to a “hold” rating in a report on Monday, July 17th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $222.00 price objective on shares of Public Storage in a report on Friday, July 14th. Bank of America Corporation dropped their price objective on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Cantor Fitzgerald dropped their price objective on shares of Public Storage from $222.00 to $216.00 and set a “neutral” rating on the stock in a report on Monday, May 22nd. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $224.67.

In related news, insider John Reyes sold 60,000 shares of Public Storage stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $207.11, for a total value of $12,426,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 14.42% of the company’s stock.

Public Storage Company Profile

Public Storage is a real estate investment trust (REIT). The Company’s principal 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.