Alliancebernstein L.P. Has $89.95 Million Position in Public Storage (PSA)
Alliancebernstein L.P. decreased its stake in shares of Public Storage (NYSE:PSA) by 0.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 431,344 shares of the real estate investment trust’s stock after selling 3,085 shares during the quarter. Alliancebernstein L.P. owned about 0.25% of Public Storage worth $89,948,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in PSA. Mason Street Advisors LLC raised its position in 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 valued at $4,517,000 after purchasing an additional 232 shares during the period. Israel Discount Bank of New York purchased a new stake in Public Storage in the first quarter valued at $100,000. Sterling Investment Advisors Ltd. raised its position in Public Storage by 7,665.0% in the second quarter. Sterling Investment Advisors Ltd. now owns 7,765 shares of the real estate investment trust’s stock valued at $1,619,000 after purchasing an additional 7,665 shares during the period. Northside Capital Management LLC purchased a new stake in Public Storage in the first quarter valued at $878,000. Finally, Brookfield Asset Management Inc. raised its position in Public Storage by 24.5% in the first quarter. Brookfield Asset Management Inc. now owns 578,310 shares of the real estate investment trust’s stock valued at $126,598,000 after purchasing an additional 113,650 shares during the period. Hedge funds and other institutional investors own 80.22% of the company’s stock.
In related news, Director Ronald P. Spogli bought 2,000 shares of the firm’s stock in a transaction on Thursday, August 3rd. The stock was bought at an average cost of $200.59 per share, for a total transaction of $401,180.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 14.42% of the stock is currently owned by company insiders.
Public Storage (PSA) opened at 213.40 on Tuesday. The stock’s 50 day moving average price is $203.75 and its 200 day moving average price is $213.05. Public Storage has a 52-week low of $192.15 and a 52-week high of $232.21. The firm has a market capitalization of $37.13 billion, a PE ratio of 30.44 and a beta of 0.42.
Public Storage (NYSE:PSA) last posted its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 EPS for the quarter, missing the Zacks’ consensus estimate of $2.54 by $0.95. The firm had revenue of $624.20 million during the quarter, compared to analyst estimates of $626.27 million. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter last year, the business posted $2.40 earnings per share. Analysts expect that Public Storage will post $7.09 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be paid a $2.00 dividend. The ex-dividend date is Tuesday, September 12th. This represents a $8.00 dividend on an annualized basis and a yield of 3.75%. Public Storage’s dividend payout ratio (DPR) is 113.96%.
A number of equities research analysts have commented on PSA shares. Zacks Investment Research downgraded Public Storage from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Cantor Fitzgerald reduced their target price 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. Bank of America Corporation reduced their target price on Public Storage from $222.00 to $218.00 and set a “neutral” rating on the stock in a research report on Thursday, July 20th. Jefferies Group LLC reiterated a “hold” rating and issued a $222.00 price objective on shares of Public Storage in a report on Friday, July 14th. Finally, BMO Capital Markets assumed coverage on Public Storage in a report on Monday. They issued an “underperform” rating and a $193.00 price objective on the stock. Five analysts have rated the stock with a sell rating, seven 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 target price of $218.10.
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Public Storage 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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