Sabal Trust CO Acquires Shares of 104,208 Public Storage (PSA)
Sabal Trust CO acquired a new position in shares of Public Storage (NYSE:PSA) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 104,208 shares of the real estate investment trust’s stock, valued at approximately $22,300,000. Public Storage makes up 2.2% of Sabal Trust CO’s holdings, making the stock its 29th biggest holding. Sabal Trust CO owned about 0.06% of Public Storage at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Bessemer Group Inc. purchased a new position in Public Storage during the second quarter worth approximately $105,000. Northwestern Mutual Wealth Management Co. lifted its position in Public Storage by 15.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 566 shares of the real estate investment trust’s stock worth $119,000 after buying an additional 75 shares in the last quarter. CENTRAL TRUST Co lifted its position 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. IHT Wealth Management LLC lifted its position in Public Storage by 43.0% during the second quarter. IHT Wealth Management LLC now owns 582 shares of the real estate investment trust’s stock worth $200,000 after buying an additional 175 shares in the last quarter. Finally, Johnson Financial Group Inc. lifted its position in Public Storage by 274.4% during the second quarter. Johnson Financial Group Inc. now owns 614 shares of the real estate investment trust’s stock worth $128,000 after buying an additional 450 shares in the last quarter. Hedge funds and other institutional investors own 80.04% of the company’s stock.
Shares of Public Storage (NYSE PSA) traded up 0.38% during midday trading on Monday, hitting $215.90. The stock had a trading volume of 122,682 shares. The stock has a 50-day moving average price of $213.55 and a 200-day moving average price of $211.24. Public Storage has a 12-month low of $192.15 and a 12-month high of $232.21. The stock has a market cap of $37.57 billion, a P/E ratio of 30.80 and a beta of 0.44.
Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing the 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 in the prior year, the company posted $2.40 earnings per share. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. Equities analysts forecast that Public Storage will post $7.21 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 28th. Investors of record on Wednesday, September 13th were issued a $2.00 dividend. The ex-dividend date was Tuesday, September 12th. This represents a $8.00 annualized dividend and a yield of 3.72%. Public Storage’s dividend payout ratio is currently 113.96%.
In related news, Director Ronald P. Spogli purchased 2,000 shares of the stock in a transaction that occurred on Thursday, August 3rd. The stock was purchased at an average cost of $200.59 per share, for a total transaction of $401,180.00. The transaction was disclosed in a filing with the SEC, which is available at this link. 14.42% of the stock is currently owned by corporate insiders.
WARNING: “Sabal Trust CO Acquires Shares of 104,208 Public Storage (PSA)” was originally reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this report on another domain, it was illegally copied and republished in violation of US and international copyright law. The legal version of this report can be viewed at https://www.thecerbatgem.com/2017/10/23/sabal-trust-co-acquires-shares-of-104208-public-storage-psa.html.
A number of brokerages recently commented on PSA. Barclays PLC reiterated a “hold” rating and set a $207.00 price objective on shares of Public Storage in a research report on Thursday. BMO Capital Markets assumed coverage on Public Storage in a research note on Monday, September 11th. They set an “underperform” rating and a $193.00 target price for the company. Zacks Investment Research raised Public Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Evercore ISI reissued an “underperform” rating and set a $204.00 target price (up previously from $197.00) on shares of Public Storage in a research note on Thursday, September 14th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $222.00 target price on shares of Public Storage in a research note on Friday, July 14th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $214.73.
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.
Want to see what other hedge funds are holding PSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Storage (NYSE:PSA).
Receive News & Stock Ratings for Public Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Storage and related stocks with our FREE daily email newsletter.