First Manhattan Co. Maintains Stake in Public Storage (NYSE:PSA)
First Manhattan Co. maintained its position in Public Storage (NYSE:PSA) during the second quarter, according to its most recent filing with the SEC. The firm owned 12,950 shares of the real estate investment trust’s stock at the end of the second quarter. First Manhattan Co.’s holdings in Public Storage were worth $2,700,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of PSA. Mascoma Wealth Management LLC raised its position in Public Storage by 128.0% in the first quarter. Mascoma Wealth Management LLC now owns 456 shares of the real estate investment trust’s stock valued at $100,000 after buying an additional 256 shares during the last quarter. Israel Discount Bank of New York acquired a new position in Public Storage during the first quarter valued at approximately $100,000. Bessemer Group Inc. acquired a new position in Public Storage during the second quarter valued at approximately $105,000. CENTRAL TRUST Co raised its position in Public Storage by 41.3% in the second quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock valued at $121,000 after buying an additional 169 shares during the last quarter. Finally, Guardian Life Insurance Co. of America raised its position in Public Storage by 0.9% in the first quarter. Guardian Life Insurance Co. of America now owns 576 shares of the real estate investment trust’s stock valued at $126,000 after buying an additional 5 shares during the last quarter. 79.64% of the stock is owned by institutional investors and hedge funds.
Public Storage (NYSE PSA) opened at 201.49 on Friday. Public Storage has a one year low of $192.15 and a one year high of $234.63. The stock has a 50 day moving average of $208.20 and a 200-day moving average of $216.10. The firm has a market capitalization of $35.06 billion, a PE ratio of 28.74 and a beta of 0.41.
Public Storage (NYSE:PSA) last posted its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.54 by $0.95. The firm had revenue of $624.20 million for the quarter, compared to analyst estimates of $626.27 million. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The business’s revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the company posted $2.40 earnings per share. On average, equities analysts predict that Public Storage will post $7.09 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.97%. The ex-dividend date is Tuesday, September 12th. Public Storage’s dividend payout ratio is currently 113.96%.
Several analysts recently weighed in on PSA shares. Argus reduced their target price on shares of Public Storage from $260.00 to $250.00 and set a “buy” rating on the stock in a report on Tuesday. Barclays PLC raised their target price on shares of Public Storage from $222.00 to $224.00 and gave the company an “equal weight” rating in a report on Wednesday, April 19th. Zacks Investment Research raised shares of Public Storage from a “sell” rating to a “hold” rating in a report on Monday, July 17th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $222.00 target price on shares of Public Storage in a report on Friday, July 14th. Finally, Bank of America Corporation reduced their target price on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating on the stock in a report on Thursday, July 20th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $221.64.
In other news, Director Ronald P. Spogli purchased 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were acquired at an average cost of $200.59 per share, with a total value of $401,180.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider John Reyes sold 60,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $207.11, for a total value of $12,426,600.00. The disclosure for this sale can be found here. Corporate insiders own 14.42% of the company’s stock.
About Public Storage
Public Storage is a real estate investment trust (REIT). The Company’s principal 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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