Legal & General Group Plc raised its stake in Public Storage (NYSE:PSA) by 6.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,082,417 shares of the real estate investment trust’s stock after buying an additional 62,327 shares during the period. Legal & General Group Plc owned 0.62% of Public Storage worth $225,721,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the company. Hanson McClain Inc. boosted its stake in Public Storage by 0.3% in the first quarter. Hanson McClain Inc. now owns 685 shares of the real estate investment trust’s stock valued at $150,000 after buying an additional 2 shares during the period. Guardian Life Insurance Co. of America boosted its stake in 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 valued at $126,000 after buying an additional 5 shares during the period. Diamond Hill Capital Management Inc. boosted its stake in Public Storage by 0.3% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,668 shares of the real estate investment trust’s stock valued at $348,000 after buying an additional 5 shares during the period. Concorde Asset Management LLC boosted its stake in Public Storage by 0.3% in the second quarter. Concorde Asset Management LLC now owns 2,511 shares of the real estate investment trust’s stock valued at $523,000 after buying an additional 8 shares during the period. Finally, First Hawaiian Bank boosted its stake in Public Storage by 0.5% in the second quarter. First Hawaiian Bank now owns 1,765 shares of the real estate investment trust’s stock valued at $369,000 after buying an additional 9 shares during the period. Institutional investors and hedge funds own 78.47% of the company’s stock.
Public Storage (PSA) opened at 197.73 on Friday. The stock has a market cap of $34.41 billion, a PE ratio of 28.21 and a beta of 0.41. Public Storage has a 1-year low of $192.15 and a 1-year high of $233.39. The stock has a 50 day moving average price of $204.43 and a 200-day moving average price of $214.62.
Public Storage (NYSE:PSA) last announced its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.54 by $0.95. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The firm had revenue of $624.20 million during the quarter, compared to the consensus estimate of $626.27 million. During the same period last year, the company earned $2.40 EPS. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, equities analysts expect that Public Storage will post $7.09 EPS for the current year.
The business also recently announced 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 is Tuesday, September 12th. This represents a $8.00 dividend on an annualized basis and a yield of 4.05%. Public Storage’s dividend payout ratio is currently 113.96%.
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Several equities research analysts have weighed in on the company. Zacks Investment Research upgraded Public Storage from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. Bank of America Corporation dropped their price objective on Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a report on Thursday, July 20th. Jefferies Group LLC reiterated a “hold” rating and issued a $222.00 price objective on shares of Public Storage in a report on Friday, July 14th. Cantor Fitzgerald dropped their price objective on Public Storage from $222.00 to $216.00 and set a “neutral” rating for the company in a report on Monday, May 22nd. Finally, BidaskClub upgraded Public Storage from a “strong sell” rating to a “sell” rating in a report on Friday, June 16th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $221.64.
In related news, Director Ronald P. Spogli bought 2,000 shares of the stock in a transaction on Thursday, August 3rd. The stock was bought at an average price of $200.59 per share, for a total transaction of $401,180.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Reyes sold 60,000 shares of the company’s stock in a transaction on Tuesday, June 13th. The stock was 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. 14.42% of the stock is owned by corporate insiders.
About Public Storage
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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