SummitTX Capital L.P. Invests $3.44 Million in Public Storage $PSA

SummitTX Capital L.P. purchased a new stake in Public Storage (NYSE:PSA) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 12,710 shares of the real estate investment trust’s stock, valued at approximately $3,443,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. V Square Quantitative Management LLC lifted its stake in Public Storage by 2.2% in the 1st quarter. V Square Quantitative Management LLC now owns 1,546 shares of the real estate investment trust’s stock valued at $419,000 after purchasing an additional 34 shares during the last quarter. Gryphon Financial Partners LLC grew its stake in shares of Public Storage by 2.6% during the first quarter. Gryphon Financial Partners LLC now owns 1,423 shares of the real estate investment trust’s stock worth $385,000 after buying an additional 36 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of Public Storage by 1.7% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,215 shares of the real estate investment trust’s stock worth $575,000 after buying an additional 37 shares in the last quarter. Raiffeisen Bank International AG increased its holdings in shares of Public Storage by 35.2% during the fourth quarter. Raiffeisen Bank International AG now owns 142 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 37 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV lifted its stake in shares of Public Storage by 0.7% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 5,358 shares of the real estate investment trust’s stock valued at $1,451,000 after acquiring an additional 39 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PSA. Wall Street Zen upgraded Public Storage from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Mizuho boosted their price target on Public Storage from $301.00 to $316.00 and gave the stock a “neutral” rating in a report on Wednesday, May 27th. JPMorgan Chase & Co. upped their price objective on Public Storage from $291.00 to $338.00 and gave the company a “neutral” rating in a research note on Thursday, June 11th. Scotiabank raised their price objective on shares of Public Storage from $342.00 to $345.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $341.00 target price on shares of Public Storage in a research report on Wednesday, April 29th. Seven investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to data from MarketBeat, Public Storage currently has a consensus rating of “Hold” and an average target price of $325.37.

Insider Buying and Selling

In other Public Storage news, insider Nathaniel A. Vitan sold 950 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $324.81, for a total transaction of $308,569.50. Following the completion of the sale, the insider owned 1,414 shares of the company’s stock, valued at approximately $459,281.34. This represents a 40.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 11.10% of the stock is owned by insiders.

Public Storage Stock Up 0.5%

Shares of PSA opened at $324.19 on Tuesday. The company has a market capitalization of $56.91 billion, a PE ratio of 33.46, a PEG ratio of 4.34 and a beta of 0.96. Public Storage has a 12 month low of $256.54 and a 12 month high of $331.79. The stock’s 50-day moving average price is $315.91 and its two-hundred day moving average price is $300.52. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 2.02.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Monday, April 27th. The real estate investment trust reported $2.71 EPS for the quarter, beating analysts’ consensus estimates of $2.42 by $0.29. Public Storage had a return on equity of 37.78% and a net margin of 39.16%.The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the company posted $4.12 EPS. The business’s revenue was down .1% on a year-over-year basis. On average, analysts anticipate that Public Storage will post 16.94 EPS for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $3.00 dividend. The ex-dividend date was Monday, June 15th. This represents a $12.00 annualized dividend and a yield of 3.7%. Public Storage’s dividend payout ratio is presently 123.84%.

Public Storage Company Profile

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.