Gofen & Glossberg LLC IL Has $9,413,000 Stake in Public Storage (PSA)
Gofen & Glossberg LLC IL raised its stake in Public Storage (NYSE:PSA) by 35.4% during the third quarter, according to its most recent filing with the SEC. The firm owned 42,183 shares of the real estate investment trust’s stock after buying an additional 11,018 shares during the period. Gofen & Glossberg LLC IL’s holdings in Public Storage were worth $9,413,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Pure Financial Advisors Inc. purchased a new stake in shares of Public Storage during the second quarter worth approximately $209,000. Fisher Asset Management LLC purchased a new stake in shares of Public Storage during the second quarter worth approximately $213,000. Creative Planning boosted its stake in shares of Public Storage by 10.2% in the second quarter. Creative Planning now owns 13,171 shares of the real estate investment trust’s stock worth $3,366,000 after buying an additional 1,215 shares during the period. Chevy Chase Trust Holdings Inc. boosted its stake in shares of Public Storage by 1.3% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 125,934 shares of the real estate investment trust’s stock worth $32,187,000 after buying an additional 1,627 shares during the period. Finally, Exxonmobil Investment Management Inc. TX boosted its stake in shares of Public Storage by 6.4% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 38,148 shares of the real estate investment trust’s stock worth $9,750,000 after buying an additional 2,289 shares during the period. 77.41% of the stock is currently owned by institutional investors.
Public Storage (NYSE:PSA) traded down 1.00% during midday trading on Monday, reaching $201.93. 771,397 shares of the company’s stock traded hands. Public Storage has a 52-week low of $200.65 and a 52-week high of $277.60. The firm’s 50-day moving average is $211.06 and its 200 day moving average is $232.93. The firm has a market cap of $35.02 billion, a PE ratio of 30.93 and a beta of 0.47.
Public Storage (NYSE:PSA) last issued its earnings results on Wednesday, October 26th. The real estate investment trust reported $2.51 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $2.51. Public Storage had a net margin of 52.71% and a return on equity of 26.05%. The firm earned $663.15 million during the quarter, compared to analyst estimates of $624.13 million. During the same quarter in the prior year, the business earned $2.33 earnings per share. Public Storage’s revenue for the quarter was up 7.2% on a year-over-year basis. Equities research analysts expect that Public Storage will post $9.64 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 29th. Investors of record on Wednesday, December 14th will be given a dividend of $2.00 per share. This is a positive change from Public Storage’s previous quarterly dividend of $1.80. The ex-dividend date is Monday, December 12th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.96%. Public Storage’s dividend payout ratio is currently 110.43%.
A number of analysts have commented on the stock. Bank of America Corp. cut shares of Public Storage from a “buy” rating to a “neutral” rating in a research report on Thursday, August 11th. Jefferies Group cut their price target on shares of Public Storage from $270.00 to $245.00 and set a “hold” rating on the stock in a research report on Wednesday, August 10th. Cantor Fitzgerald reaffirmed a “hold” rating on shares of Public Storage in a research report on Friday, August 26th. Evercore ISI raised shares of Public Storage from a “sell” rating to a “hold” rating and set a $228.00 price target on the stock in a research report on Monday, August 22nd. Finally, Zacks Investment Research cut shares of Public Storage from a “hold” rating to a “sell” rating in a research report on Tuesday, September 27th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $241.03.
In other Public Storage news, Director Tamara Hughes Gustavson acquired 69,763 shares of the stock in a transaction on Friday, November 11th. The stock was acquired at an average price of $214.98 per share, for a total transaction of $14,997,649.74. Following the completion of the transaction, the director now directly owns 16,396,449 shares of the company’s stock, valued at $3,524,908,606.02. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Reyes sold 60,000 shares of the stock in a transaction on Thursday, November 10th. The shares were sold at an average price of $216.32, for a total transaction of $12,979,200.00. The disclosure for this sale can be found here. Corporate insiders own 14.20% of the company’s stock.
About Public Storage
Public Storage is a real estate investment trust. The Company’s 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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