Arkansas Financial Group Inc. Continues to Hold Stake in Public Storage (PSA)
Arkansas Financial Group Inc. held its stake in shares of Public Storage (NYSE:PSA) during the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,000 shares of the real estate investment trust’s stock at the end of the second quarter. Public Storage accounts for 0.1% of Arkansas Financial Group Inc.’s portfolio, making the stock its 18th largest position. Arkansas Financial Group Inc.’s holdings in Public Storage were worth $256,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of PSA. Concert Wealth Management Inc. raised its position in Public Storage by 0.8% in the second quarter. Concert Wealth Management Inc. now owns 2,765 shares of the real estate investment trust’s stock worth $710,000 after buying an additional 21 shares during the period. Green Street Investors LLC raised its position in Public Storage by 26.7% in the second quarter. Green Street Investors LLC now owns 34,200 shares of the real estate investment trust’s stock worth $8,741,000 after buying an additional 7,200 shares during the period. Quadrant Capital Group LLC raised its position in Public Storage by 1.2% in the second quarter. Quadrant Capital Group LLC now owns 516 shares of the real estate investment trust’s stock worth $127,000 after buying an additional 6 shares during the period. Standard Life Investments LTD raised its position in Public Storage by 7.7% in the second quarter. Standard Life Investments LTD now owns 114,129 shares of the real estate investment trust’s stock worth $29,161,000 after buying an additional 8,186 shares during the period. Finally, ING Groep NV bought a new position in Public Storage during the second quarter worth about $1,325,000. 77.99% of the stock is owned by institutional investors and hedge funds.
Public Storage (NYSE:PSA) traded up 0.53% during trading on Monday, reaching $215.33. The company’s stock had a trading volume of 353,637 shares. The stock has a market capitalization of $37.34 billion, a price-to-earnings ratio of 34.08 and a beta of 0.61. Public Storage has a 52 week low of $207.06 and a 52 week high of $277.60. The firm has a 50 day moving average of $218.86 and a 200 day moving average of $243.41.
Public Storage (NYSE:PSA) last issued its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $2.34 EPS for the quarter, missing the consensus estimate of $2.40 by $0.06. Public Storage had a return on equity of 25.44% and a net margin of 52.53%. The company had revenue of $634.20 million for the quarter, compared to the consensus estimate of $607.28 million. During the same period in the previous year, the business posted $2.17 EPS. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. Analysts expect that Public Storage will post $9.64 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Stockholders of record on Wednesday, September 14th were given a dividend of $1.80 per share. The ex-dividend date was Monday, September 12th. This represents a $7.20 annualized dividend and a dividend yield of 3.36%. Public Storage’s payout ratio is 113.92%.
A number of research firms recently issued reports on PSA. Jefferies Group decreased their target price on Public Storage from $270.00 to $245.00 and set a “hold” rating for the company in a report on Wednesday, August 10th. Bank of America Corp. downgraded Public Storage from a “buy” rating to a “neutral” rating in a report on Thursday, August 11th. KeyCorp downgraded Public Storage from a “sector weight” rating to an “underweight” rating and set a $230.00 price target for the company. in a report on Friday, July 15th. FBR & Co assumed coverage on Public Storage in a report on Thursday, June 23rd. They set a “market perform” rating and a $250.00 price target for the company. Finally, 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 report on Monday, August 22nd. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company’s stock. Public Storage presently has a consensus rating of “Hold” and a consensus target price of $244.38.
In other news, insider John Reyes sold 30,000 shares of the stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $215.41, for a total transaction of $6,462,300.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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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