Public Storage (PSA) Shares Sold by American Century Companies Inc.
American Century Companies Inc. lowered its holdings in Public Storage (NYSE:PSA) by 86.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 51,999 shares of the real estate investment trust’s stock after selling 328,937 shares during the period. American Century Companies Inc.’s holdings in Public Storage were worth $10,843,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the business. Hanson McClain Inc. boosted its position in Public Storage by 0.3% in the first quarter. Hanson McClain Inc. now owns 685 shares of the real estate investment trust’s stock worth $150,000 after purchasing an additional 2 shares during the last quarter. Guardian Life Insurance Co. of America raised its stake in shares of Public Storage by 0.9% in the first quarter. Guardian Life Insurance Co. of America now owns 576 shares of the real estate investment trust’s stock valued at $126,000 after buying an additional 5 shares during the period. Diamond Hill Capital Management Inc. raised its stake in shares of Public Storage by 0.3% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,668 shares of the real estate investment trust’s stock valued at $348,000 after buying an additional 5 shares during the period. Concorde Asset Management LLC raised its stake in shares of Public Storage by 0.3% in the second quarter. Concorde Asset Management LLC now owns 2,511 shares of the real estate investment trust’s stock valued at $523,000 after buying an additional 8 shares during the period. Finally, First Hawaiian Bank raised its stake in shares of Public Storage by 0.5% in the second quarter. First Hawaiian Bank now owns 1,765 shares of the real estate investment trust’s stock valued at $369,000 after buying an additional 9 shares during the period. 80.22% of the stock is currently owned by institutional investors and hedge funds.
In other Public Storage news, Director Ronald P. Spogli purchased 2,000 shares of the firm’s stock in a transaction on Thursday, August 3rd. The shares were acquired at an average cost of $200.59 per share, with a total value of $401,180.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Reyes sold 60,000 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $207.11, for a total value of $12,426,600.00. The disclosure for this sale can be found here. 14.42% of the stock is owned by company insiders.
Public Storage (NYSE PSA) opened at 205.88 on Tuesday. The company has a market capitalization of $35.82 billion, a price-to-earnings ratio of 29.37 and a beta of 0.42. Public Storage has a 52 week low of $192.15 and a 52 week high of $232.21. The firm has a 50-day moving average price of $203.53 and a 200-day moving average price of $213.58.
Public Storage (NYSE:PSA) last released its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.54 by $0.95. The company had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $626.27 million. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. Public Storage’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.40 earnings per share. Analysts anticipate that Public Storage will post $7.09 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be issued a dividend of $2.00 per share. The ex-dividend date is Tuesday, September 12th. This represents a $8.00 dividend on an annualized basis and a yield of 3.89%. Public Storage’s dividend payout ratio is presently 113.96%.
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Several brokerages have issued reports on PSA. Zacks Investment Research lowered Public Storage from a “hold” rating to a “sell” rating in a research note on Tuesday, August 22nd. Jefferies Group LLC set a $210.00 target price on Public Storage and gave the company a “hold” rating in a research note on Thursday, August 17th. Argus lowered their target price on Public Storage from $260.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday, August 1st. BidaskClub lowered Public Storage from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Finally, Bank of America Corporation lowered their target price on Public Storage from $222.00 to $218.00 and set a “neutral” rating on the stock in a research note on Thursday, July 20th. Four 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. Public Storage presently has a consensus rating of “Hold” and an average price target of $219.80.
About Public Storage
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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