British Columbia Investment Management Corp Reduces Position in Public Storage (PSA)
British Columbia Investment Management Corp cut its position in shares of Public Storage (NYSE:PSA) by 37.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 45,055 shares of the real estate investment trust’s stock after selling 26,908 shares during the period. British Columbia Investment Management Corp’s holdings in Public Storage were worth $10,054,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in PSA. Nisa Investment Advisors LLC boosted its stake in shares of Public Storage by 2.3% in the second quarter. Nisa Investment Advisors LLC now owns 45,548 shares of the real estate investment trust’s stock worth $11,642,000 after buying an additional 1,010 shares during the last quarter. Davis R M Inc. boosted its stake in shares of Public Storage by 12.9% in the second quarter. Davis R M Inc. now owns 1,032 shares of the real estate investment trust’s stock worth $264,000 after buying an additional 118 shares during the last quarter. Capital Advisors Ltd. LLC boosted its stake in shares of Public Storage by 35.4% in the second quarter. Capital Advisors Ltd. LLC now owns 555 shares of the real estate investment trust’s stock worth $142,000 after buying an additional 145 shares during the last quarter. Pure Financial Advisors Inc. acquired a new stake in shares of Public Storage during the second quarter worth approximately $209,000. Finally, Gofen & Glossberg LLC IL boosted its stake in shares of Public Storage by 2.1% in the second quarter. Gofen & Glossberg LLC IL now owns 31,165 shares of the real estate investment trust’s stock worth $7,965,000 after buying an additional 648 shares during the last quarter. 77.41% of the stock is owned by institutional investors and hedge funds.
Shares of Public Storage (NYSE:PSA) traded up 0.47% on Friday, reaching $205.73. 324,821 shares of the company’s stock were exchanged. The stock’s 50-day moving average price is $210.41 and its 200-day moving average price is $231.89. The company has a market capitalization of $35.68 billion, a P/E ratio of 31.51 and a beta of 0.47. Public Storage has a 1-year low of $200.65 and a 1-year high of $277.60.
Public Storage (NYSE:PSA) last posted its quarterly earnings results on Wednesday, October 26th. The real estate investment trust reported $2.51 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $2.51. Public Storage had a net margin of 52.71% and a return on equity of 26.05%. The business earned $663.15 million during the quarter, compared to analyst estimates of $624.13 million. During the same period in the previous year, the business posted $2.33 EPS. The company’s quarterly revenue was up 7.2% on a year-over-year basis. Analysts anticipate that Public Storage will post $9.64 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Wednesday, December 14th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Monday, December 12th. This is a positive change from Public Storage’s previous quarterly dividend of $1.80. This represents a $8.00 annualized dividend and a dividend yield of 3.89%. Public Storage’s payout ratio is 110.43%.
A number of equities research analysts have recently commented on the stock. Bank of America Corp. cut shares of Public Storage from a “buy” rating to a “neutral” rating in a report on Thursday, August 11th. Jefferies Group reduced their target price on shares of Public Storage from $270.00 to $245.00 and set a “hold” rating for the company in a report on Wednesday, August 10th. Cantor Fitzgerald reaffirmed a “hold” rating on shares of Public Storage in a 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 target price for the company in a report on Monday, August 22nd. Finally, Zacks Investment Research cut shares of Public Storage from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $241.03.
In other news, insider John Reyes sold 30,000 shares of Public Storage stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $215.41, for a total value of $6,462,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Tamara Hughes Gustavson purchased 69,763 shares of the firm’s stock in a transaction dated Friday, November 11th. The stock was acquired at an average cost of $214.98 per share, with a total value of $14,997,649.74. Following the completion of the acquisition, the director now directly owns 16,396,449 shares in the company, valued at approximately $3,524,908,606.02. The disclosure for this purchase can be found here. 14.20% of the stock is currently owned by insiders.
Public Storage Company Profile
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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