Public Storage (PSA) Stake Maintained by SFE Investment Counsel
SFE Investment Counsel maintained its position in shares of Public Storage (NYSE:PSA) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,670 shares of the real estate investment trust’s stock at the end of the second quarter. SFE Investment Counsel’s holdings in Public Storage were worth $557,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake 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 worth $4,669,246,000 after buying an additional 377,659 shares during the period. BlackRock Inc. raised its stake 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 worth $3,101,367,000 after buying an additional 13,633,185 shares during the period. APG Asset Management US Inc. raised its stake 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 worth $878,497,000 after buying an additional 136,388 shares during the period. Morgan Stanley raised its stake 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 worth $602,333,000 after buying an additional 385,136 shares during the period. Finally, JPMorgan Chase & Co. raised its stake 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 worth $574,478,000 after buying an additional 63,887 shares during the period. 78.47% of the stock is currently owned by institutional investors and hedge funds.
Shares of Public Storage (NYSE PSA) opened at 201.58 on Wednesday. The firm has a market cap of $35.08 billion, a price-to-earnings ratio of 28.76 and a beta of 0.41. The stock’s 50 day moving average price is $205.09 and its 200 day moving average price is $214.86. Public Storage has a one year low of $192.15 and a one year high of $233.39.
Public Storage (NYSE:PSA) last posted its 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 firm had revenue of $624.20 million during the quarter, compared to analyst estimates of $626.27 million. During the same period in the previous year, the company posted $2.40 EPS. Public Storage’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, equities analysts anticipate that Public Storage will post $7.09 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.97%. The ex-dividend date of this dividend is Tuesday, September 12th. Public Storage’s payout ratio is 113.96%.
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PSA has been the topic of a number of research analyst reports. Argus lowered their target price on Public Storage from $260.00 to $250.00 and set a “buy” rating on the stock in a report on Tuesday, August 1st. Barclays PLC raised their target price on 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 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 lowered their target price on 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 issued a hold rating and one has assigned a buy rating to the stock. Public Storage has a consensus rating of “Hold” and an average price target of $221.64.
In related news, Director Ronald P. Spogli purchased 2,000 shares of Public Storage stock in a transaction that occurred 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John Reyes sold 60,000 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was 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. 14.42% of the stock is currently owned by corporate 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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