Forward Management LLC raised its stake in Public Storage (NYSE:PSA) by 0.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,238 shares of the real estate investment trust’s stock after buying an additional 9 shares during the period. Forward Management LLC’s holdings in Public Storage were worth $258,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in PSA. Quadrant Capital Group LLC increased its stake in 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 valued at $130,000 after buying an additional 3 shares in the last quarter. Alpha Windward LLC increased its stake in Public Storage by 1.3% in the first quarter. Alpha Windward LLC now owns 926 shares of the real estate investment trust’s stock valued at $203,000 after buying an additional 12 shares in the last quarter. Private Bank & Trust Co. increased its stake in Public Storage by 1.2% in the first quarter. Private Bank & Trust Co. now owns 1,379 shares of the real estate investment trust’s stock valued at $302,000 after buying an additional 17 shares in the last quarter. Merriman Wealth Management LLC increased its stake in Public Storage by 0.3% in the first quarter. Merriman Wealth Management LLC now owns 1,915 shares of the real estate investment trust’s stock valued at $419,000 after buying an additional 5 shares in the last quarter. Finally, Capital Investment Advisors LLC acquired a new stake in Public Storage during the first quarter valued at about $1,369,000. Institutional investors own 78.87% of the company’s stock.
Public Storage (NYSE:PSA) opened at 198.63 on Friday. The firm has a market capitalization of $34.56 billion, a PE ratio of 28.34 and a beta of 0.41. The stock’s 50 day moving average is $205.76 and its 200-day moving average is $215.18. Public Storage has a 52-week low of $192.15 and a 52-week high of $232.21.
Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 EPS for the quarter, missing the consensus estimate of $2.54 by $0.95. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The company had revenue of $624.20 million for the quarter, compared to analyst estimates of $626.27 million. During the same quarter last year, the business earned $2.40 EPS. The company’s revenue for the quarter was up 5.0% on a year-over-year basis. Equities analysts expect that Public Storage will post $7.09 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $8.00 annualized dividend and a yield of 4.03%. Public Storage’s dividend payout ratio (DPR) is presently 113.96%.
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Several equities research analysts have issued reports on PSA shares. Barclays PLC boosted their price objective on shares of Public Storage from $222.00 to $224.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. Zacks Investment Research downgraded shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Friday, May 12th. Cantor Fitzgerald decreased their price objective on shares of Public Storage from $222.00 to $216.00 and set a “neutral” rating for the company in a research note on Monday, May 22nd. BidaskClub upgraded shares of Public Storage from a “strong sell” rating to a “sell” rating in a research note on Friday, June 16th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $222.00 price objective on shares of Public Storage in a research note on Friday, July 14th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $221.64.
In related news, Director Ronald P. Spogli purchased 2,000 shares of the stock in a transaction on Thursday, August 3rd. The shares were bought at an average price of $200.59 per share, for a total transaction of $401,180.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Reyes sold 60,000 shares of the stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $207.11, for a total value of $12,426,600.00. The disclosure for this sale can be found here. Company 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.
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