Smith Asset Management Group LP Boosts Position in Public Storage (PSA)
Smith Asset Management Group LP raised its stake in shares of Public Storage (NYSE:PSA) by 81,625.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,690 shares of the real estate investment trust’s stock after buying an additional 32,650 shares during the period. Smith Asset Management Group LP’s holdings in Public Storage were worth $8,355,000 as of its most recent filing with the SEC.
A number of other hedge funds have also added to or reduced their stakes in PSA. Bank of Montreal Can acquired a new stake in Public Storage during the second quarter valued at approximately $45,101,000. MSI Financial Services Inc increased its stake in Public Storage by 47.9% in the second quarter. MSI Financial Services Inc now owns 3,203 shares of the real estate investment trust’s stock valued at $819,000 after buying an additional 1,037 shares during the period. Financial Architects Inc increased its stake in Public Storage by 398.6% in the second quarter. Financial Architects Inc now owns 733 shares of the real estate investment trust’s stock valued at $188,000 after buying an additional 586 shares during the period. Sigma Planning Corp increased its stake in Public Storage by 23.5% in the second quarter. Sigma Planning Corp now owns 1,785 shares of the real estate investment trust’s stock valued at $456,000 after buying an additional 340 shares during the period. Finally, Highstreet Asset Management Inc. acquired a new stake in Public Storage during the second quarter valued at approximately $906,000. Hedge funds and other institutional investors own 77.98% of the company’s stock.
Public Storage (NYSE:PSA) traded up 1.96% on Thursday, reaching $221.80. 886,525 shares of the company’s stock were exchanged. The stock has a market capitalization of $38.46 billion, a P/E ratio of 35.10 and a beta of 0.68. The firm’s 50 day moving average is $224.29 and its 200 day moving average is $248.36. Public Storage has a 1-year low of $205.67 and a 1-year high of $277.60.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $2.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.40 by $0.06. The firm had revenue of $634.20 million for the quarter, compared to analysts’ expectations of $607.28 million. Public Storage had a net margin of 52.53% and a return on equity of 25.44%. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.17 EPS. Analysts expect that Public Storage will post $9.63 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Wednesday, September 14th will be paid a dividend of $1.80 per share. The ex-dividend date is Monday, September 12th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 3.25%. Public Storage’s dividend payout ratio is currently 113.92%.
Several analysts recently commented on the stock. KeyCorp reduced their price target on shares of Public Storage from $220.00 to $205.00 and set an “underweight” rating for the company in a research report on Monday, September 12th. Cantor Fitzgerald restated a “hold” rating on shares of Public Storage in a research report on Friday, August 26th. Evercore ISI upgraded shares of Public Storage from a “sell” rating to a “hold” rating and set a $228.00 price objective for the company in a research report on Monday, August 22nd. Bank of America Corp. downgraded shares of Public Storage from a “buy” rating to a “neutral” rating in a research report on Thursday, August 11th. Finally, Jefferies Group cut their price objective on shares of Public Storage from $270.00 to $245.00 and set a “hold” rating for the company in a research report on Wednesday, August 10th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $243.24.
In other news, insider John Reyes sold 30,000 shares of Public Storage stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $215.41, for a total transaction of $6,462,300.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 14.20% of the company’s stock.
About Public Storage
Public Storage is a real estate investment trust. The Company’s 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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