Tdam USA Inc. Takes Position in Public Storage (NYSE:PSA)
Tdam USA Inc. purchased a new position in Public Storage (NYSE:PSA) during the second quarter, Holdings Channel reports. The fund purchased 2,059 shares of the real estate investment trust’s stock, valued at approximately $427,000.
Other institutional investors also recently modified their holdings of the company. Nationwide Fund Advisors boosted its position in shares of Public Storage by 2.1% in the first quarter. Nationwide Fund Advisors now owns 109,985 shares of the real estate investment trust’s stock worth $24,077,000 after buying an additional 2,224 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD boosted its position in Public Storage by 83.6% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 200,903 shares of the real estate investment trust’s stock valued at $43,979,000 after buying an additional 91,451 shares during the period. Mason Street Advisors LLC boosted its position in Public Storage by 1.1% in the first quarter. Mason Street Advisors LLC now owns 20,636 shares of the real estate investment trust’s stock valued at $4,517,000 after buying an additional 232 shares during the period. Loudon Investment Management LLC boosted its position in Public Storage by 25.5% in the first quarter. Loudon Investment Management LLC now owns 6,135 shares of the real estate investment trust’s stock valued at $1,343,000 after buying an additional 1,247 shares during the period. Finally, US Bancorp DE boosted its position in Public Storage by 11.0% in the first quarter. US Bancorp DE now owns 42,455 shares of the real estate investment trust’s stock valued at $9,294,000 after buying an additional 4,220 shares during the period. 78.87% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Public Storage (NYSE PSA) opened at 200.88 on Thursday. Public Storage has a one year low of $192.15 and a one year high of $233.39. The firm has a market capitalization of $34.95 billion, a price-to-earnings ratio of 28.66 and a beta of 0.41. The stock’s 50 day moving average price is $206.45 and its 200 day moving average price is $215.43.
Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 EPS for the quarter, missing the consensus estimate of $2.54 by $0.95. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The company had revenue of $624.20 million for the quarter, compared to analyst estimates of $626.27 million. During the same period last year, the company posted $2.40 earnings per share. The business’s revenue for the quarter was up 5.0% on a year-over-year basis. Analysts expect that Public Storage will post $7.09 EPS for the current fiscal year.
The business 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. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $8.00 annualized dividend and a yield of 3.98%. Public Storage’s dividend payout ratio (DPR) is presently 113.96%.
Several research firms have weighed in on PSA. Zacks Investment Research cut Public Storage from a “hold” rating to a “sell” rating in a research note on Friday, May 12th. Barclays PLC lowered their target price on Public Storage from $216.00 to $209.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 18th. BidaskClub raised Public Storage from a “strong sell” rating to a “sell” rating in a research note on Friday, June 16th. Argus lowered their target price on Public Storage from $260.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday, August 1st. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $222.00 target price on shares of Public Storage in a research note on Friday, July 14th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. Public Storage presently has a consensus rating of “Hold” and a consensus price target of $221.64.
In other Public Storage news, Director Ronald P. Spogli acquired 2,000 shares of the business’s stock in a transaction dated Thursday, August 3rd. The stock was bought at an average cost of $200.59 per share, with a total value of $401,180.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Reyes sold 65,000 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $208.44, for a total value of $13,548,600.00. The disclosure for this sale can be found here. Corporate insiders own 14.42% of the company’s stock.
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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