Eaton Vance Management Has $82.17 Million Position in Public Storage (PSA)
Eaton Vance Management boosted its holdings in Public Storage (NYSE:PSA) by 17.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 394,042 shares of the real estate investment trust’s stock after buying an additional 59,126 shares during the period. Eaton Vance Management owned approximately 0.23% of Public Storage worth $82,170,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Israel Discount Bank of New York acquired a new position in Public Storage in the first quarter valued at approximately $100,000. Bessemer Group Inc. acquired a new position in Public Storage in the second quarter valued at approximately $105,000. CENTRAL TRUST Co lifted its holdings in Public Storage by 41.3% in the second quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock valued at $121,000 after buying an additional 169 shares during the period. Guardian Life Insurance Co. of America lifted its holdings in 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. Finally, Sandy Spring Bank lifted its holdings in Public Storage by 4.1% in the first quarter. Sandy Spring Bank now owns 640 shares of the real estate investment trust’s stock valued at $140,000 after buying an additional 25 shares during the period. Institutional investors and hedge funds own 80.22% of the company’s stock.
In related news, insider John Reyes sold 60,000 shares of the business’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $207.11, for a total transaction of $12,426,600.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Ronald P. Spogli bought 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were bought at an average price of $200.59 per share, for a total transaction of $401,180.00. The disclosure for this purchase can be found here. 14.42% of the stock is owned by insiders.
Shares of Public Storage (NYSE PSA) traded up 1.12% during midday trading on Thursday, hitting $210.21. 140,113 shares of the company were exchanged. The firm’s 50 day moving average price is $203.40 and its 200 day moving average price is $213.30. Public Storage has a one year low of $192.15 and a one year high of $232.21. The firm has a market capitalization of $36.58 billion, a price-to-earnings ratio of 29.99 and a beta of 0.42.
Public Storage (NYSE:PSA) last released its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.54 by $0.95. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The company had revenue of $624.20 million for the quarter, compared to analyst estimates of $626.27 million. During the same quarter in the previous year, the firm earned $2.40 EPS. The firm’s revenue was up 5.0% on a year-over-year basis. Analysts forecast that Public Storage will post $7.09 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be given 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 dividend yield of 3.85%. Public Storage’s payout ratio is presently 113.96%.
PSA has been the topic of several analyst reports. Zacks Investment Research lowered shares of Public Storage from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Cantor Fitzgerald cut their price objective on shares of Public Storage from $222.00 to $216.00 and set a “neutral” rating on the stock in a report on Monday, May 22nd. Bank of America Corporation cut their price objective on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating on the stock in a report on Thursday, July 20th. Jefferies Group LLC restated a “hold” rating and issued a $222.00 price objective on shares of Public Storage in a report on Friday, July 14th. Finally, Argus cut their target price on shares of Public Storage from $260.00 to $250.00 and set a “buy” rating on the stock in a report on Tuesday, August 1st. Four analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $219.80.
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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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