Vanguard Group Inc. increased its holdings in shares of Public Storage (NYSE:PSA) by 3.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,057,097 shares of the real estate investment trust’s stock after acquiring an additional 727,573 shares during the quarter. Vanguard Group Inc. owned about 12.68% of Public Storage worth $4,599,567,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Israel Discount Bank of New York bought a new position in Public Storage during the first quarter worth about $100,000. Bessemer Group Inc. bought a new position in Public Storage during the second quarter worth about $105,000. Northwestern Mutual Wealth Management Co. increased its position in 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 acquiring an additional 75 shares during the period. CENTRAL TRUST Co increased its position in 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 acquiring an additional 169 shares during the period. Finally, Guardian Life Insurance Co. of America increased its position in 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 acquiring an additional 5 shares during the period. 80.15% of the stock is currently owned by institutional investors and hedge funds.
Shares of Public Storage (NYSE PSA) traded down 0.211% during midday trading on Wednesday, reaching $215.265. 205,155 shares of the company’s stock were exchanged. Public Storage has a 12 month low of $192.15 and a 12 month high of $232.21. The firm has a 50 day moving average price of $205.20 and a 200 day moving average price of $212.38. The company has a market cap of $37.46 billion, a P/E ratio of 30.708 and a beta of 0.42.
Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing the Thomson Reuters’ 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 the consensus estimate of $626.27 million. During the same quarter in the prior year, the company earned $2.40 earnings per share. The company’s quarterly revenue was up 5.0% on a year-over-year basis. Equities research analysts forecast that Public Storage will post $7.22 earnings per share 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 dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.71%. The ex-dividend date is Tuesday, September 12th. Public Storage’s dividend payout ratio is presently 113.96%.
A number of research firms recently commented on PSA. Evercore ISI reaffirmed an “underperform” rating and set a $204.00 price target (up from $197.00) on shares of Public Storage in a research report on Thursday, September 14th. Jefferies Group LLC set a $210.00 price target on shares of Public Storage and gave the stock a “hold” rating in a research report on Thursday, August 17th. KeyCorp reaffirmed a “sell” rating and set a $184.00 price target on shares of Public Storage in a research report on Wednesday, September 13th. Zacks Investment Research raised shares of Public Storage from a “sell” rating to a “hold” rating in a research report on Friday, September 15th. Finally, BMO Capital Markets began coverage on shares of Public Storage in a research report on Monday, September 11th. They set an “underperform” rating and a $193.00 price target on the stock. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $214.91.
In related news, Director Ronald P. Spogli purchased 2,000 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The shares were purchased at an average cost 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. Corporate insiders own 14.42% of the company’s stock.
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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