Wells Fargo & Company MN Has $95.48 Million Holdings in Public Storage (PSA)
Wells Fargo & Company MN raised its stake in Public Storage (NYSE:PSA) by 55.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 457,859 shares of the real estate investment trust’s stock after purchasing an additional 164,005 shares during the quarter. Wells Fargo & Company MN owned 0.26% of Public Storage worth $95,477,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Israel Discount Bank of New York purchased a new position in shares of Public Storage in the 1st quarter valued at approximately $100,000. Bessemer Group Inc. purchased a new position in shares of Public Storage in the 2nd quarter valued at approximately $105,000. CENTRAL TRUST Co grew its stake in shares of Public Storage by 41.3% in the 2nd quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock valued at $121,000 after purchasing an additional 169 shares during the last quarter. Guardian Life Insurance Co. of America grew its stake in shares of Public Storage by 0.9% in the 1st quarter. Guardian Life Insurance Co. of America now owns 576 shares of the real estate investment trust’s stock valued at $126,000 after purchasing an additional 5 shares during the last quarter. Finally, Sandy Spring Bank grew its stake in shares of Public Storage by 4.1% in the 1st quarter. Sandy Spring Bank now owns 640 shares of the real estate investment trust’s stock valued at $140,000 after purchasing an additional 25 shares during the last quarter. Institutional investors own 80.22% of the company’s stock.
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In related news, Director Ronald P. Spogli acquired 2,000 shares of Public Storage stock in a transaction dated Thursday, August 3rd. The stock was acquired at an average cost of $200.59 per share, with a total value of $401,180.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 14.42% of the company’s stock.
Shares of Public Storage (NYSE:PSA) opened at 207.58 on Wednesday. Public Storage has a 52-week low of $192.15 and a 52-week high of $232.21. The firm’s 50-day moving average price is $204.03 and its 200-day moving average price is $213.05. The stock has a market capitalization of $36.12 billion, a P/E ratio of 29.61 and a beta of 0.42.
Public Storage (NYSE:PSA) last issued its quarterly 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). The firm had revenue of $624.20 million for the quarter, compared to the consensus estimate of $626.27 million. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the previous year, the business posted $2.40 earnings per share. Equities analysts forecast that Public Storage will post $7.09 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date is Tuesday, September 12th. Public Storage’s payout ratio is currently 113.96%.
Several brokerages have weighed in on PSA. Zacks Investment Research upgraded Public Storage from a “sell” rating to a “hold” rating in a research note on Thursday, June 1st. Cantor Fitzgerald decreased their price target on Public Storage from $222.00 to $216.00 and set a “neutral” rating on the stock in a research note on Monday, May 22nd. BMO Capital Markets assumed coverage on Public Storage in a research note on Monday. They issued an “underperform” rating and a $193.00 price target on the stock. BidaskClub upgraded Public Storage from a “strong sell” rating to a “sell” rating in a research note on Friday, June 16th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $222.00 price target on shares of Public Storage in a research note on Friday, July 14th. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $216.00.
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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