Parametric Portfolio Associates LLC Purchases 18,201 Shares of Public Storage (NYSE:PSA)
Parametric Portfolio Associates LLC raised its position in Public Storage (NYSE:PSA) by 4.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 386,280 shares of the real estate investment trust’s stock after acquiring an additional 18,201 shares during the quarter. Parametric Portfolio Associates LLC owned approximately 0.22% of Public Storage worth $92,000,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Tokio Marine Asset Management Co. Ltd. raised its stake in shares of Public Storage by 2.8% in the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 1,592 shares of the real estate investment trust’s stock worth $379,000 after buying an additional 44 shares during the period. Tower View Investment Management & Research LLC raised its stake in shares of Public Storage by 7.8% in the second quarter. Tower View Investment Management & Research LLC now owns 623 shares of the real estate investment trust’s stock worth $148,000 after buying an additional 45 shares during the period. 6 Meridian raised its stake in shares of Public Storage by 2.0% in the second quarter. 6 Meridian now owns 2,364 shares of the real estate investment trust’s stock worth $563,000 after buying an additional 46 shares during the period. Cetera Advisors LLC raised its stake in shares of Public Storage by 1.8% in the second quarter. Cetera Advisors LLC now owns 2,717 shares of the real estate investment trust’s stock worth $645,000 after buying an additional 49 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH raised its stake in shares of Public Storage by 0.6% in the first quarter. Fort Washington Investment Advisors Inc. OH now owns 9,118 shares of the real estate investment trust’s stock worth $1,986,000 after buying an additional 55 shares during the period. 80.86% of the stock is currently owned by institutional investors.
Several analysts recently issued reports on PSA shares. SunTrust Banks lifted their target price on Public Storage from $215.00 to $233.00 and gave the company a “hold” rating in a research note on Tuesday, August 27th. Bank of America raised Public Storage from a “neutral” rating to a “buy” rating in a research note on Friday, July 19th. Robert W. Baird raised Public Storage from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $200.00 to $254.00 in a research note on Wednesday, August 21st. Citigroup lifted their target price on Public Storage from $223.00 to $250.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, KeyCorp raised Public Storage from an “underweight” rating to a “sector weight” rating and set a $243.72 target price on the stock in a research note on Tuesday, June 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $244.97.
Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.63 by ($0.87). The business had revenue of $710.95 million for the quarter, compared to the consensus estimate of $702.70 million. Public Storage had a net margin of 60.77% and a return on equity of 33.78%. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period last year, the business posted $2.57 EPS. As a group, equities analysts anticipate that Public Storage will post 10.77 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Thursday, September 12th will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 3.27%. The ex-dividend date is Wednesday, September 11th. Public Storage’s dividend payout ratio is presently 75.76%.
In other Public Storage news, Chairman B Wayne Et Al Hughes sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $263.41, for a total transaction of $52,682,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 278,000 shares of company stock valued at $72,725,820 in the last 90 days. 14.00% of the stock is currently owned by company insiders.
About Public Storage
Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At March 31, 2019, we had: (i) interests in 2,444 self-storage facilities located in 38 states with approximately 164 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 231 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at March 31, 2019.
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