Public Storage (NYSE:PSA) Shares Sold by Korea Investment CORP
Korea Investment CORP decreased its stake in Public Storage (NYSE:PSA) by 13.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,969 shares of the real estate investment trust’s stock after selling 6,097 shares during the period. Korea Investment CORP’s holdings in Public Storage were worth $7,918,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of 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 during the last quarter. BlackRock Inc. increased its stake in shares of 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 during the last quarter. APG Asset Management US Inc. increased its stake in shares of 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 during the last quarter. Morgan Stanley increased its stake in shares of 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 during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of 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 during the last quarter. 78.87% of the stock is owned by institutional investors and hedge funds.
Shares of Public Storage (NYSE:PSA) opened at 200.88 on Thursday. The company has a market cap of $34.95 billion, a P/E ratio of 28.66 and a beta of 0.41. The firm has a 50-day moving average of $206.45 and a 200-day moving average of $215.43. Public Storage has a 12-month low of $192.15 and a 12-month high of $233.39.
Public Storage (NYSE:PSA) last issued its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing analysts’ consensus estimates of $2.54 by $0.95. The business had revenue of $624.20 million for the quarter, compared to the consensus estimate of $626.27 million. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. Public Storage’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.40 EPS. Analysts predict that Public Storage will post $7.09 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be given a dividend of $2.00 per share. The ex-dividend date of this dividend 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 is presently 113.96%.
PSA has been the subject of several research analyst reports. Zacks Investment Research downgraded shares of Public Storage from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Cantor Fitzgerald reduced their target price on shares of Public Storage from $222.00 to $216.00 and set a “neutral” rating for the company in a report on Monday, May 22nd. Bank of America Corporation reduced their target price on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a report on Thursday, July 20th. Jefferies Group LLC reaffirmed a “hold” rating and set a $222.00 target price on shares of Public Storage in a report on Friday, July 14th. Finally, Barclays PLC lifted their target price on shares of Public Storage from $222.00 to $224.00 and gave the stock an “equal weight” rating in a report 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 issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $221.64.
In other Public Storage news, insider John Reyes sold 60,000 shares of the 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 Securities & Exchange Commission, which is available at this link. Also, Director Ronald P. Spogli bought 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, with a total value of $401,180.00. The disclosure for this purchase can be found here. 14.42% of the stock is owned by company insiders.
Public Storage Company Profile
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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