Flippin Bruce & Porter Inc. Buys 803 Shares of Public Storage (PSA)
Flippin Bruce & Porter Inc. increased its position in Public Storage (NYSE:PSA) by 5.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,863 shares of the real estate investment trust’s stock after buying an additional 803 shares during the period. Flippin Bruce & Porter Inc.’s holdings in Public Storage were worth $3,099,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the company. Sumitomo Mitsui Asset Management Company LTD increased its stake in shares of Public Storage by 83.6% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 200,903 shares of the real estate investment trust’s stock worth $43,979,000 after buying an additional 91,451 shares during the last quarter. Mason Street Advisors LLC increased its stake in shares of Public Storage by 1.1% in the first quarter. Mason Street Advisors LLC now owns 20,636 shares of the real estate investment trust’s stock worth $4,517,000 after buying an additional 232 shares during the last quarter. Loudon Investment Management LLC increased its stake in shares of Public Storage by 25.5% in the first quarter. Loudon Investment Management LLC now owns 6,135 shares of the real estate investment trust’s stock worth $1,343,000 after buying an additional 1,247 shares during the last quarter. US Bancorp DE increased its stake in shares of Public Storage by 11.0% in the first quarter. US Bancorp DE now owns 42,455 shares of the real estate investment trust’s stock worth $9,294,000 after buying an additional 4,220 shares during the last quarter. Finally, Israel Discount Bank of New York bought a new stake in shares of Public Storage during the first quarter worth approximately $100,000. Hedge funds and other institutional investors own 80.21% of the company’s stock.
Public Storage (PSA) opened at 204.30 on Tuesday. Public Storage has a one year low of $192.15 and a one year high of $232.21. The firm has a market cap of $35.55 billion, a PE ratio of 29.14 and a beta of 0.41. The firm’s 50 day moving average price is $203.47 and its 200-day moving average price is $214.06.
Public Storage (NYSE:PSA) last issued its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.54 by $0.95. The business had revenue of $624.20 million for the quarter, compared to the consensus estimate of $626.27 million. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The company’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.40 earnings per share. Equities analysts predict that Public Storage will post $7.09 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date of this dividend is Tuesday, September 12th. Public Storage’s payout ratio is 113.96%.
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A number of analysts have recently commented on PSA shares. Zacks Investment Research downgraded Public Storage from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. BidaskClub downgraded Public Storage from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Barclays PLC lowered their target price on Public Storage from $216.00 to $209.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 18th. Argus lowered their price target on Public Storage from $260.00 to $250.00 and set a “buy” rating on the stock in a research report on Tuesday, August 1st. Finally, Cantor Fitzgerald lowered their price target on Public Storage from $222.00 to $216.00 and set a “neutral” rating on the stock in a research report on Monday, May 22nd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $219.80.
In other Public Storage news, Director Ronald P. Spogli bought 2,000 shares of Public Storage stock in a transaction that occurred on Thursday, August 3rd. The stock was purchased at an average cost of $200.59 per share, for a total transaction of $401,180.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Reyes sold 60,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $207.11, for a total transaction of $12,426,600.00. The disclosure for this sale can be found here. Company insiders own 14.42% of the company’s stock.
Public Storage Company Profile
Public Storage is a real estate investment trust (REIT). The Company’s principal 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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