Segment Wealth Management LLC increased its holdings in shares of Public Storage (NYSE:PSA) by 118.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,257 shares of the real estate investment trust’s stock after purchasing an additional 2,847 shares during the quarter. Segment Wealth Management LLC’s holdings in Public Storage were worth $1,096,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in PSA. Israel Discount Bank of New York purchased a new stake in shares of Public Storage during the first quarter worth about $100,000. Bessemer Group Inc. purchased a new stake in shares of Public Storage during the second quarter worth about $105,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Public Storage by 15.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 566 shares of the real estate investment trust’s stock worth $119,000 after purchasing an additional 75 shares in the last quarter. CENTRAL TRUST Co grew its position in shares of Public Storage by 41.3% during the second quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock worth $121,000 after purchasing an additional 169 shares in the last quarter. Finally, Guardian Life Insurance Co. of America grew its position in shares of Public Storage by 0.9% during 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 purchasing an additional 5 shares in the last quarter. Hedge funds and other institutional investors own 80.15% of the company’s stock.
In related news, Director Ronald P. Spogli purchased 2,000 shares of the company’s stock in a transaction dated Thursday, August 3rd. The stock was acquired at an average cost of $200.59 per share, for a total transaction of $401,180.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 14.42% of the stock is owned by corporate insiders.
Shares of Public Storage (PSA) traded down 0.2140% during trading on Wednesday, reaching $215.2584. The company had a trading volume of 198,758 shares. Public Storage has a 52 week low of $192.15 and a 52 week high of $232.21. The stock’s 50-day moving average price is $205.20 and its 200-day moving average price is $212.38. The company has a market capitalization of $37.46 billion, a PE ratio of 30.7073 and a beta of 0.42.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $1.59 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.54 by ($0.95). The firm had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $626.27 million. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. Public Storage’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.40 earnings per share. On average, equities analysts expect that Public Storage will post $7.22 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th will be given a $2.00 dividend. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.71%. Public Storage’s dividend payout ratio (DPR) is presently 113.96%.
Several analysts recently issued reports on the company. KeyCorp reiterated a “sell” rating and set a $184.00 target price on shares of Public Storage in a research report on Wednesday, September 13th. Evercore ISI reiterated an “underperform” rating and set a $204.00 target price (up previously from $197.00) on shares of Public Storage in a research report on Thursday, September 14th. Jefferies Group LLC set a $210.00 target price on Public Storage and gave the stock a “hold” rating in a research report on Thursday, August 17th. Zacks Investment Research upgraded Public Storage from a “sell” rating to a “hold” rating in a research report on Friday, September 15th. Finally, BMO Capital Markets assumed coverage on Public Storage in a research note on Monday, September 11th. They set an “underperform” rating and a $193.00 price target for the company. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $214.91.
Public Storage 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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