LS Investment Advisors LLC Cuts Stake in Public Storage (PSA)
LS Investment Advisors LLC lowered its stake in Public Storage (NYSE:PSA) by 6.9% during the second quarter, Holdings Channel reports. The institutional investor owned 7,196 shares of the real estate investment trust’s stock after selling 532 shares during the period. LS Investment Advisors LLC’s holdings in Public Storage were worth $1,839,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. IBM Retirement Fund boosted its position in Public Storage by 2.5% in the second quarter. IBM Retirement Fund now owns 19,371 shares of the real estate investment trust’s stock valued at $5,100,000 after buying an additional 479 shares in the last quarter. Palo Capital Inc. purchased a new position in Public Storage during the second quarter valued at $1,156,000. Willingdon Wealth Management boosted its position in Public Storage by 30.8% in the second quarter. Willingdon Wealth Management now owns 10,063 shares of the real estate investment trust’s stock valued at $2,572,000 after buying an additional 2,369 shares in the last quarter. Laurel Grove Capital LLC boosted its position in Public Storage by 21.0% in the second quarter. Laurel Grove Capital LLC now owns 13,275 shares of the real estate investment trust’s stock valued at $3,393,000 after buying an additional 2,300 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. boosted its position in Public Storage by 25.0% in the second quarter. Nikko Asset Management Americas Inc. now owns 1,500 shares of the real estate investment trust’s stock valued at $381,000 after buying an additional 300 shares in the last quarter. 77.98% of the stock is owned by institutional investors.
Shares of Public Storage (NYSE:PSA) traded up 0.38% during trading on Friday, hitting $212.05. The stock had a trading volume of 713,060 shares. The company’s 50 day moving average price is $220.70 and its 200 day moving average price is $245.17. Public Storage has a 52 week low of $207.06 and a 52 week high of $277.60. The company has a market capitalization of $36.77 billion, a price-to-earnings ratio of 33.56 and a beta of 0.61.
Public Storage (NYSE:PSA) last issued its earnings results on Thursday, July 28th. The real estate investment trust reported $2.34 EPS for the quarter, missing analysts’ consensus estimates of $2.40 by $0.06. Public Storage had a net margin of 52.53% and a return on equity of 25.44%. The firm earned $634.20 million during the quarter, compared to the consensus estimate of $607.28 million. During the same period in the previous year, the firm earned $2.17 earnings per share. The business’s quarterly revenue was up 7.9% on a year-over-year basis. Analysts predict that Public Storage will post $9.64 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Wednesday, September 14th were given a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date was Monday, September 12th. Public Storage’s payout ratio is 113.92%.
Several research analysts have recently weighed in on the company. Zacks Investment Research cut Public Storage from a “hold” rating to a “sell” rating in a research report on Tuesday, September 27th. KeyCorp reduced their price target on 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 reissued a “hold” rating on shares of Public Storage in a research report on Friday, August 26th. Evercore ISI raised Public Storage from a “sell” rating to a “hold” rating and set a $228.00 price target for the company in a research report on Monday, August 22nd. Finally, Bank of America Corp. cut Public Storage from a “buy” rating to a “neutral” rating in a research report on Thursday, August 11th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $243.24.
In related news, insider John Reyes sold 30,000 shares of the business’s stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $215.41, for a total value of $6,462,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 14.20% of the stock is owned by corporate insiders.
Public Storage Company Profile
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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