Public Storage (NYSE:PSA) Stake Boosted by Stratos Wealth Partners LTD.
Stratos Wealth Partners LTD. increased its stake in Public Storage (NYSE:PSA) by 15.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,167 shares of the real estate investment trust’s stock after buying an additional 282 shares during the period. Stratos Wealth Partners LTD.’s holdings in Public Storage were worth $452,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of PSA. Vanguard Group Inc. increased its position in Public Storage by 1.8% in the first quarter. Vanguard Group Inc. now owns 21,329,524 shares of the real estate investment trust’s stock valued at $4,669,246,000 after buying an additional 377,659 shares in the last quarter. BlackRock Inc. increased its position in Public Storage by 2,552.4% in the first quarter. BlackRock Inc. now owns 14,167,308 shares of the real estate investment trust’s stock valued at $3,101,367,000 after buying an additional 13,633,185 shares in the last quarter. APG Asset Management US Inc. increased its position in Public Storage by 3.3% in the second quarter. APG Asset Management US Inc. now owns 4,212,811 shares of the real estate investment trust’s stock valued at $878,497,000 after buying an additional 136,388 shares in the last quarter. Morgan Stanley increased its position in Public Storage by 16.3% in the first quarter. Morgan Stanley now owns 2,751,504 shares of the real estate investment trust’s stock valued at $602,333,000 after buying an additional 385,136 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Public Storage by 2.5% in the first quarter. JPMorgan Chase & Co. now owns 2,624,270 shares of the real estate investment trust’s stock valued at $574,478,000 after buying an additional 63,887 shares in the last quarter. 78.87% of the stock is currently owned by institutional investors.
Public Storage (NYSE PSA) opened at 201.08 on Tuesday. The firm’s 50-day moving average is $208.20 and its 200 day moving average is $216.10. Public Storage has a one year low of $192.15 and a one year high of $234.61. The company has a market capitalization of $34.99 billion, a PE ratio of 28.68 and a beta of 0.41.
Public Storage (NYSE:PSA) last issued 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 Zacks’ consensus estimate of $2.54 by $0.95. The business had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $626.27 million. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter last year, the company earned $2.40 earnings per share. On average, equities analysts expect that Public Storage will post $7.09 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be paid a dividend of $2.00 per share. The ex-dividend date is Tuesday, September 12th. This represents a $8.00 dividend on an annualized basis and a yield of 3.98%. Public Storage’s dividend payout ratio (DPR) is presently 113.96%.
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PSA has been the topic of several recent analyst reports. Zacks Investment Research downgraded shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Cantor Fitzgerald reduced their price target on shares of Public Storage from $222.00 to $216.00 and set a “neutral” rating on the stock in a research note on Monday, May 22nd. Bank of America Corporation reduced their price target on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating on the stock in a research note on Thursday, July 20th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $222.00 price target on shares of Public Storage in a research note on Friday, July 14th. Finally, Barclays PLC raised their price target on shares of Public Storage from $222.00 to $224.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $221.64.
In other Public Storage news, insider John Reyes sold 60,000 shares of the business’s stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $207.11, for a total transaction of $12,426,600.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ronald P. Spogli purchased 2,000 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were acquired at an average price of $200.59 per share, for a total transaction of $401,180.00. The disclosure for this purchase can be found here. 14.42% of the stock is owned by corporate insiders.
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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