Public Storage (PSA) Shares Sold by State Street Corp
State Street Corp lessened its stake in Public Storage (NYSE:PSA) by 1.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,668,242 shares of the real estate investment trust’s stock after selling 135,560 shares during the period. State Street Corp owned approximately 4.98% of Public Storage worth $1,807,596,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Israel Discount Bank of New York bought a new stake in Public Storage in the 1st quarter worth approximately $100,000. Bessemer Group Inc. bought a new stake in Public Storage in the 2nd quarter worth approximately $105,000. Northwestern Mutual Wealth Management Co. grew its position in Public Storage by 15.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 566 shares of the real estate investment trust’s stock worth $119,000 after purchasing an additional 75 shares during the period. Guardian Life Insurance Co. of America grew its position in 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 worth $126,000 after purchasing an additional 5 shares during the period. Finally, CENTRAL TRUST Co grew its position in Public Storage by 41.3% in the 2nd quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock worth $121,000 after purchasing an additional 169 shares during the period. 80.15% of the stock is owned by institutional investors and hedge funds.
Shares of Public Storage (NYSE PSA) traded down 0.007% during mid-day trading on Friday, reaching $213.665. 188,766 shares of the company’s stock traded hands. The company’s 50 day moving average is $209.62 and its 200 day moving average is $211.77. Public Storage has a 12-month low of $192.15 and a 12-month high of $232.21. The company has a market cap of $37.18 billion, a P/E ratio of 30.480 and a beta of 0.44.
Public Storage (NYSE:PSA) last announced its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 during the quarter, compared to analyst estimates of $626.27 million. During the same quarter last year, the business earned $2.40 EPS. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, analysts predict that Public Storage will post $7.22 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th were given a $2.00 dividend. The ex-dividend date was Tuesday, September 12th. This represents a $8.00 annualized dividend and a dividend yield of 3.74%. Public Storage’s dividend payout ratio (DPR) is 113.96%.
A number of brokerages have recently issued reports on PSA. BMO Capital Markets began coverage on shares of Public Storage in a research report on Monday, September 11th. They set an “underperform” rating and a $193.00 price objective for the company. Zacks Investment Research raised shares of Public Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. BidaskClub raised shares of Public Storage from a “strong sell” rating to a “sell” rating in a research report on Friday, June 16th. Evercore ISI reissued an “underperform” rating and set a $204.00 price objective (up previously from $197.00) on shares of Public Storage in a research report on Thursday, September 14th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $222.00 price objective on shares of Public Storage in a research report on Friday, July 14th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $214.91.
In related news, Director Ronald P. Spogli bought 2,000 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were acquired at an average price of $200.59 per share, for a total transaction of $401,180.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 14.42% of the stock is owned by company insiders.
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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