Teacher Retirement System of Texas Sells 15,099 Shares of Public Storage (PSA)
Teacher Retirement System of Texas reduced its stake in Public Storage (NYSE:PSA) by 18.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 66,073 shares of the real estate investment trust’s stock after selling 15,099 shares during the period. Teacher Retirement System of Texas’ holdings in Public Storage were worth $14,744,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of PSA. Washington Trust Bank increased its stake in 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 in the last quarter. Global X Management Co. LLC increased its stake in 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 in the last quarter. Quadrant Capital Group LLC increased its stake in 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 in the last quarter. WFG Advisors LP increased its stake in 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 in the last quarter. Finally, Capital Advisors Ltd. LLC increased 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 in the last quarter. 77.30% of the stock is owned by institutional investors.
Public Storage (NYSE:PSA) traded up 0.46% during midday trading on Tuesday, hitting $210.45. 356,244 shares of the stock traded hands. The firm’s 50 day moving average is $210.33 and its 200-day moving average is $231.05. The stock has a market capitalization of $36.50 billion, a PE ratio of 32.23 and a beta of 0.47. Public Storage has a 12-month low of $200.65 and a 12-month high of $277.60.
Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, October 26th. The real estate investment trust reported $2.51 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.51. Public Storage had a return on equity of 26.05% and a net margin of 52.71%. The business earned $663.15 million during the quarter, compared to the consensus estimate of $624.13 million. During the same quarter last year, the firm posted $2.33 EPS. The company’s quarterly revenue was up 7.2% on a year-over-year basis. On average, 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. Shareholders of record on Wednesday, December 14th will be issued a dividend of $2.00 per share. This is an increase from Public Storage’s previous quarterly dividend of $1.80. The ex-dividend date of this dividend is Monday, December 12th. This represents a $8.00 annualized dividend and a yield of 3.82%. Public Storage’s dividend payout ratio (DPR) is currently 110.43%.
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A number of analysts have recently weighed in on PSA shares. Argus restated a “buy” rating and issued a $270.00 price objective (down from $284.00) on shares of Public Storage in a research note on Wednesday, November 16th. Goldman Sachs Group Inc. upgraded shares of Public Storage from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $210.00 to $220.00 in a research note on Monday, October 31st. Barclays PLC restated a “hold” rating and issued a $230.00 price objective on shares of Public Storage in a research note on Tuesday, November 8th. Cantor Fitzgerald restated a “hold” rating on shares of Public Storage in a research note on Thursday, October 27th. Finally, FBR & Co reduced their price objective on shares of Public Storage from $250.00 to $225.00 and set a “market perform” rating for the company in a research note on Thursday, October 27th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $241.03.
In other news, insider John Reyes sold 30,000 shares of Public Storage stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $215.41, for a total transaction of $6,462,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Tamara Hughes Gustavson bought 69,763 shares of the company’s stock in a transaction dated Friday, November 11th. The shares were purchased at an average cost of $214.98 per share, with a total value of $14,997,649.74. Following the acquisition, the director now directly owns 16,396,449 shares of the company’s stock, valued at approximately $3,524,908,606.02. The disclosure for this purchase can be found here. Company 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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