Axa Sells 2,605 Shares of Public Storage (PSA)
Axa lowered its position in shares of Public Storage (NYSE:PSA) by 3.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 63,400 shares of the real estate investment trust’s stock after selling 2,605 shares during the period. Axa’s holdings in Public Storage were worth $13,220,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mason Street Advisors LLC increased its stake in shares of Public Storage by 1.1% during 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 purchasing an additional 232 shares during the period. Israel Discount Bank of New York bought a new position in shares of Public Storage during the first quarter worth approximately $100,000. Sterling Investment Advisors Ltd. increased its stake in shares of Public Storage by 7,665.0% during the second quarter. Sterling Investment Advisors Ltd. now owns 7,765 shares of the real estate investment trust’s stock worth $1,619,000 after purchasing an additional 7,665 shares during the period. Northside Capital Management LLC bought a new position in shares of Public Storage during the first quarter worth approximately $878,000. Finally, Brookfield Asset Management Inc. increased its stake in shares of Public Storage by 24.5% during the first quarter. Brookfield Asset Management Inc. now owns 578,310 shares of the real estate investment trust’s stock worth $126,598,000 after purchasing an additional 113,650 shares during the period. Institutional investors own 80.22% of the company’s stock.
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A number of equities analysts have recently weighed in on the company. 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. BidaskClub upgraded Public Storage from a “strong sell” rating to a “sell” rating in a research note on Friday, June 16th. Zacks Investment Research upgraded Public Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Jefferies Group LLC set a $210.00 target price on Public Storage and gave the stock a “hold” rating in a research note on Thursday, August 17th. Finally, 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. Five analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. Public Storage currently has a consensus rating of “Hold” and an average target price of $218.10.
Shares of Public Storage (PSA) opened at 213.40 on Tuesday. Public Storage has a 12 month low of $192.15 and a 12 month high of $232.21. The company’s 50-day moving average price is $203.75 and its 200-day moving average price is $213.05. The firm has a market cap of $37.13 billion, a P/E ratio of 30.44 and a beta of 0.42.
Public Storage (NYSE:PSA) last issued its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.54 by $0.95. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The business had revenue of $624.20 million for the quarter, compared to the consensus estimate of $626.27 million. During the same period in the previous year, the firm earned $2.40 EPS. The company’s revenue was up 5.0% compared to the same quarter last year. On average, analysts predict that Public Storage will post $7.09 EPS for the current year.
The firm also recently announced 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 3.75%. Public Storage’s payout ratio is 113.96%.
In other Public Storage news, Director Ronald P. Spogli bought 2,000 shares of the stock in a transaction on Thursday, August 3rd. The shares were acquired at an average price of $200.59 per share, with a total value of $401,180.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 14.42% of the company’s stock.
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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