New Mexico Educational Retirement Board Sells 1,800 Shares of Public Storage (PSA)
New Mexico Educational Retirement Board decreased its position in Public Storage (NYSE:PSA) by 4.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 35,036 shares of the real estate investment trust’s stock after selling 1,800 shares during the period. New Mexico Educational Retirement Board’s holdings in Public Storage were worth $7,202,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of PSA. Israel Discount Bank of New York purchased a new position in Public Storage during the first quarter worth about $100,000. Mascoma Wealth Management LLC increased 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 worth $100,000 after buying an additional 256 shares during the last quarter. Bessemer Group Inc. purchased a new position in Public Storage during the second quarter worth about $105,000. Guardian Life Insurance Co. of America increased 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 worth $126,000 after buying an additional 5 shares during the last quarter. Finally, CENTRAL TRUST Co increased its stake in shares of Public Storage by 41.3% in the second quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock worth $121,000 after buying an additional 169 shares during the last quarter. 78.87% of the stock is currently owned by institutional investors and hedge funds.
Shares of Public Storage (NYSE PSA) opened at 200.68 on Wednesday. The stock has a market capitalization of $34.92 billion, a PE ratio of 28.63 and a beta of 0.41. The firm has a 50-day moving average price of $207.43 and a 200-day moving average price of $215.78. Public Storage has a 1-year low of $192.15 and a 1-year high of $234.09.
Public Storage (NYSE:PSA) last released its quarterly earnings data 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 business had revenue of $624.20 million for the quarter, compared to analyst estimates of $626.27 million. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The company’s revenue was up 5.0% compared to the same quarter last year. During the same period in the prior year, the company posted $2.40 earnings per share. On average, equities research analysts forecast that Public Storage will post $7.09 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th will be given a dividend of $2.00 per share. The ex-dividend date is Tuesday, September 12th. This represents a $8.00 annualized dividend and a dividend yield of 3.99%. Public Storage’s dividend payout ratio is currently 113.96%.
A number of brokerages recently weighed in on PSA. BidaskClub downgraded Public Storage from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Argus dropped their price objective on Public Storage from $260.00 to $250.00 and set a “buy” rating on the stock in a research report on Tuesday, August 1st. Barclays PLC dropped their price objective on Public Storage from $216.00 to $209.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 18th. Zacks Investment Research raised Public Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Finally, Bank of America Corporation dropped their price objective on Public Storage from $222.00 to $218.00 and set a “neutral” rating on the stock in a research report on Thursday, July 20th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $221.64.
In other news, insider John Reyes sold 60,000 shares of the company’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $207.11, for a total transaction of $12,426,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ronald P. Spogli acquired 2,000 shares of the stock in a transaction dated 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 disclosure for this purchase 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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