Duff & Phelps Investment Management Co. Raises Stake in Public Storage (PSA)
Duff & Phelps Investment Management Co. boosted its stake in Public Storage (NYSE:PSA) by 5.6% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 338,688 shares of the real estate investment trust’s stock after buying an additional 17,882 shares during the period. Duff & Phelps Investment Management Co. owned about 0.20% of Public Storage worth $75,575,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Capital Analysts LLC boosted its stake in Public Storage by 1.1% in the second quarter. Capital Analysts LLC now owns 3,244 shares of the real estate investment trust’s stock valued at $829,000 after buying an additional 34 shares during the period. Nisa Investment Advisors LLC boosted its stake in 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 valued at $11,642,000 after buying an additional 1,010 shares during the period. Davis R M Inc. boosted its stake in 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 valued at $264,000 after buying an additional 118 shares during the period. Capital Advisors Ltd. LLC boosted its stake in 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 valued at $142,000 after buying an additional 145 shares during the period. Finally, Pure Financial Advisors Inc. purchased a new stake in Public Storage during the second quarter valued at $209,000. Institutional investors own 77.30% of the company’s stock.
Shares of Public Storage (NYSE:PSA) opened at 209.49 on Tuesday. Public Storage has a 52-week low of $200.65 and a 52-week high of $277.60. The stock has a market capitalization of $36.33 billion, a price-to-earnings ratio of 32.09 and a beta of 0.47. The company has a 50-day moving average price of $210.33 and a 200-day moving average price of $231.05.
Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, October 26th. The real estate investment trust reported $2.51 EPS for the quarter, hitting the Zacks’ consensus estimate of $2.51. The business had revenue of $663.15 million for the quarter, compared to analysts’ expectations of $624.13 million. Public Storage had a return on equity of 26.05% and a net margin of 52.71%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.33 EPS. On average, equities analysts anticipate that Public Storage will post $9.64 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Wednesday, December 14th will be given a $2.00 dividend. This is a positive change from Public Storage’s previous quarterly dividend of $1.80. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date of this dividend is Monday, December 12th. Public Storage’s dividend payout ratio (DPR) is currently 110.43%.
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Several research firms have recently weighed in on PSA. Bank of America Corp. cut Public Storage from a “buy” rating to a “neutral” rating in a report on Thursday, August 11th. Jefferies Group reduced their target price on Public Storage from $270.00 to $245.00 and set a “hold” rating on the stock in a report on Wednesday, August 10th. Cantor Fitzgerald reiterated a “hold” rating on shares of Public Storage in a report on Friday, August 26th. Evercore ISI upgraded Public Storage from a “sell” rating to a “hold” rating and set a $228.00 target price on the stock in a report on Monday, August 22nd. Finally, Zacks Investment Research cut Public Storage from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. Two equities 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’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $241.03.
In other Public Storage news, Director Tamara Hughes Gustavson acquired 69,763 shares of the business’s stock in a transaction dated Friday, November 11th. The shares were purchased at an average cost of $214.98 per share, for a total transaction of $14,997,649.74. Following the transaction, the director now owns 16,396,449 shares in the company, valued at $3,524,908,606.02. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John Reyes sold 30,000 shares of Public Storage stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $215.41, for a total value of $6,462,300.00. The disclosure for this sale can be found here. 14.20% of the stock is 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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