Public Storage (PSA) Position Boosted by Union Bankshares Corp
Union Bankshares Corp raised its stake in shares of Public Storage (NYSE:PSA) by 723.5% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,622 shares of the real estate investment trust’s stock after buying an additional 13,725 shares during the period. Union Bankshares Corp’s holdings in Public Storage were worth $3,486,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Washington Trust Bank raised its position in shares of Public Storage by 7.4% in the second quarter. Washington Trust Bank now owns 420 shares of the real estate investment trust’s stock valued at $107,000 after buying an additional 29 shares during the period. Global X Management Co. LLC raised its position in shares of Public Storage by 23.4% in the second quarter. Global X Management Co. LLC now owns 501 shares of the real estate investment trust’s stock valued at $128,000 after buying an additional 95 shares during the period. Quadrant Capital Group LLC raised its position in shares of Public Storage by 1.2% in the second quarter. Quadrant Capital Group LLC now owns 516 shares of the real estate investment trust’s stock valued at $127,000 after buying an additional 6 shares during the period. WFG Advisors LP raised its position in shares of Public Storage by 0.6% in the second quarter. WFG Advisors LP now owns 520 shares of the real estate investment trust’s stock valued at $133,000 after buying an additional 3 shares during the period. Finally, Capital Advisors Ltd. LLC raised its position 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 valued at $142,000 after buying an additional 145 shares during the period. 77.30% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Public Storage (NYSE:PSA) traded up 0.06% on Tuesday, reaching $209.61. The company’s stock had a trading volume of 753,862 shares. The firm has a market capitalization of $36.35 billion, a PE ratio of 32.10 and a beta of 0.47. The firm has a 50-day moving average price of $210.33 and a 200 day moving average price of $231.05. Public Storage has a one year low of $200.65 and a one year high of $277.60.
Public Storage (NYSE:PSA) last issued its quarterly earnings data on Wednesday, October 26th. The real estate investment trust reported $2.51 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.51. Public Storage had a return on equity of 26.05% and a net margin of 52.71%. The business had revenue of $663.15 million for the quarter, compared to the consensus estimate of $624.13 million. During the same period in the prior year, the business posted $2.33 earnings per share. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, analysts anticipate that Public Storage will post $9.64 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Wednesday, December 14th will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Monday, December 12th. This is an increase from Public Storage’s previous quarterly dividend of $1.80. This represents a $8.00 dividend on an annualized basis and a yield of 3.82%. Public Storage’s dividend payout ratio is 110.43%.
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PSA has been the topic of several recent research reports. KeyCorp reduced their price objective on Public Storage from $220.00 to $205.00 and set an “underweight” rating on the stock in a research report on Monday, September 12th. Cantor Fitzgerald restated a “hold” rating on shares of Public Storage in a research report on Thursday, October 27th. Zacks Investment Research lowered Public Storage from a “hold” rating to a “sell” rating in a research report on Tuesday, September 27th. Jefferies Group reduced their price target on Public Storage from $270.00 to $245.00 and set a “hold” rating on the stock in a research report on Wednesday, August 10th. Finally, Barclays PLC restated a “hold” rating and set a $230.00 price target on shares of Public Storage in a research report on Tuesday, November 8th. Two investment 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 company presently has an average rating of “Hold” and a consensus target price of $241.03.
In related news, Director Tamara Hughes Gustavson acquired 69,763 shares of the firm’s stock in a transaction on Friday, November 11th. The shares were acquired at an average cost 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 in the company, valued at approximately $3,524,908,606.02. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider John Reyes sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 14th. The shares were 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. Company insiders own 14.20% of the company’s stock.
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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