Public Storage (PSA) Shares Sold by Victory Capital Management Inc.
Victory Capital Management Inc. lessened its stake in shares of Public Storage (NYSE:PSA) by 3.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,269 shares of the real estate investment trust’s stock after selling 103 shares during the quarter. Victory Capital Management Inc.’s holdings in Public Storage were worth $682,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Israel Discount Bank of New York acquired a new position in shares of Public Storage during the first quarter valued at approximately $100,000. Bessemer Group Inc. bought a new stake in Public Storage during the second quarter worth approximately $105,000. Guardian Life Insurance Co. of America boosted its holdings in Public Storage by 0.9% during the first quarter. Guardian Life Insurance Co. of America now owns 576 shares of the real estate investment trust’s stock worth $126,000 after buying an additional 5 shares in the last quarter. CENTRAL TRUST Co boosted its holdings in Public Storage by 41.3% during the second quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock worth $121,000 after buying an additional 169 shares in the last quarter. Finally, Sandy Spring Bank boosted its holdings in Public Storage by 4.1% during the first quarter. Sandy Spring Bank now owns 640 shares of the real estate investment trust’s stock worth $140,000 after buying an additional 25 shares in the last quarter. Institutional investors and hedge funds own 80.22% of the company’s stock.
A number of analysts recently weighed in on the stock. KeyCorp restated a “sell” rating and set a $184.00 target price on shares of Public Storage in a report on Wednesday. Evercore ISI restated an “underperform” rating and set a $204.00 target price (up from $197.00) on shares of Public Storage in a report on Thursday. Barclays PLC reduced their target price on shares of Public Storage from $216.00 to $209.00 and set an “equal weight” rating for the company in a report on Tuesday, July 18th. BidaskClub upgraded shares of Public Storage from a “strong sell” rating to a “sell” rating in a report on Friday, June 16th. Finally, Zacks Investment Research upgraded shares of Public Storage from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $214.91.
Shares of Public Storage (NYSE:PSA) opened at 214.15 on Friday. The stock has a market cap of $37.26 billion, a P/E ratio of 30.55 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 of $204.54 and a 200-day moving average of $212.77.
Public Storage (NYSE:PSA) last released its quarterly 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 during the quarter, compared to analyst estimates of $626.27 million. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the company earned $2.40 EPS. On average, equities analysts expect that Public Storage will post $7.22 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.74%. The ex-dividend date is Tuesday, September 12th. Public Storage’s dividend payout ratio (DPR) is presently 113.96%.
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In related news, Director Ronald P. Spogli purchased 2,000 shares of Public Storage stock in a transaction dated Thursday, August 3rd. The stock was bought at an average price of $200.59 per share, for a total transaction of $401,180.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 14.42% of the stock is owned by corporate insiders.
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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