Teacher Retirement System of Texas Sells 15,099 Shares of Public Storage (PSA)
Teacher Retirement System of Texas decreased its stake in Public Storage (NYSE:PSA) by 18.6% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 66,073 shares of the real estate investment trust’s stock after selling 15,099 shares during the period. Teacher Retirement System of Texas’ holdings in Public Storage were worth $14,744,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. Delta Lloyd NV boosted its stake in Public Storage by 8.0% in the third quarter. Delta Lloyd NV now owns 112,894 shares of the real estate investment trust’s stock valued at $25,191,000 after buying an additional 8,351 shares during the period. Retirement Systems of Alabama boosted its stake in Public Storage by 0.4% in the third quarter. Retirement Systems of Alabama now owns 75,424 shares of the real estate investment trust’s stock valued at $16,830,000 after buying an additional 291 shares during the period. WASHINGTON TRUST Co boosted its stake in Public Storage by 4.0% in the third quarter. WASHINGTON TRUST Co now owns 1,500 shares of the real estate investment trust’s stock valued at $335,000 after buying an additional 57 shares during the period. Toronto Dominion Bank boosted its stake in Public Storage by 435.8% in the third quarter. Toronto Dominion Bank now owns 4,340 shares of the real estate investment trust’s stock valued at $969,000 after buying an additional 3,530 shares during the period. Finally, KBC Group NV boosted its stake in Public Storage by 12.1% in the third quarter. KBC Group NV now owns 82,012 shares of the real estate investment trust’s stock valued at $18,300,000 after buying an additional 8,867 shares during the period. Institutional investors own 77.30% of the company’s stock.
Shares of Public Storage (NYSE:PSA) traded up 0.46% during midday trading on Tuesday, reaching $210.45. The company had a trading volume of 356,244 shares. Public Storage has a one year low of $200.65 and a one year high of $277.60. The company has a market capitalization of $36.50 billion, a P/E ratio of 32.23 and a beta of 0.47. The company has a 50-day moving average price of $210.33 and a 200 day moving average price of $231.05.
Public Storage (NYSE:PSA) last posted its quarterly earnings results on Wednesday, October 26th. The real estate investment trust reported $2.51 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.51. Public Storage had a return on equity of 26.05% and a net margin of 52.71%. The business had revenue of $663.15 million for the quarter, compared to analyst estimates of $624.13 million. During the same period last year, the company earned $2.33 EPS. Public Storage’s revenue for the quarter was up 7.2% compared to the same quarter last year. Equities analysts anticipate that Public Storage will post $9.64 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Investors of record on Wednesday, December 14th will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 3.82%. This is a positive change from Public Storage’s previous quarterly dividend of $1.80. The ex-dividend date of this dividend is Monday, December 12th. Public Storage’s dividend payout ratio (DPR) is presently 110.43%.
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Several research firms have recently weighed in on PSA. Argus restated a “buy” rating and set a $270.00 price target (down from $284.00) on shares of Public Storage in a report on Wednesday, November 16th. Barclays PLC restated a “hold” rating and set a $230.00 price target on shares of Public Storage in a report on Tuesday, November 8th. Goldman Sachs Group Inc. upgraded Public Storage from a “sell” rating to a “neutral” rating and upped their target price for the company from $210.00 to $220.00 in a report on Monday, October 31st. Cantor Fitzgerald reiterated a “hold” rating on shares of Public Storage in a report on Thursday, October 27th. Finally, FBR & Co reduced their target price on Public Storage from $250.00 to $225.00 and set a “market perform” rating on the stock in a report on Thursday, October 27th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have issued a buy rating to the company’s stock. Public Storage has an average rating of “Hold” and a consensus target price of $241.03.
In other Public Storage news, Director Tamara Hughes Gustavson acquired 69,763 shares of the business’s stock in a transaction dated Friday, November 11th. The shares were purchased at an average cost of $214.98 per share, for a total transaction of $14,997,649.74. Following the transaction, the director now owns 16,396,449 shares in the company, valued at $3,524,908,606.02. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John Reyes sold 30,000 shares of Public Storage stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $215.41, for a total value of $6,462,300.00. The disclosure for this sale can be found here. Corporate 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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