TIAA CREF Investment Management LLC Sells 58,964 Shares of Public Storage (PSA)
TIAA CREF Investment Management LLC lessened its holdings in shares of Public Storage (NYSE:PSA) by 10.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 483,522 shares of the real estate investment trust’s stock after selling 58,964 shares during the quarter. TIAA CREF Investment Management LLC owned 0.28% of Public Storage worth $100,829,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Israel Discount Bank of New York bought a new stake in Public Storage during the 1st quarter valued at $100,000. Bessemer Group Inc. purchased a new position in Public Storage during the 2nd quarter worth $105,000. Northwestern Mutual Wealth Management Co. boosted its holdings in Public Storage by 15.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 566 shares of the real estate investment trust’s stock worth $119,000 after acquiring an additional 75 shares during the last quarter. Guardian Life Insurance Co. of America boosted its holdings in Public Storage by 0.9% during the 1st quarter. Guardian Life Insurance Co. of America now owns 576 shares of the real estate investment trust’s stock worth $126,000 after acquiring an additional 5 shares during the last quarter. Finally, CENTRAL TRUST Co boosted its holdings in Public Storage by 41.3% during the 2nd quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock worth $121,000 after acquiring an additional 169 shares during the last quarter. Institutional investors and hedge funds own 80.22% of the company’s stock.
In other Public Storage news, Director Ronald P. Spogli acquired 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were bought at an average cost of $200.59 per share, with a total value of $401,180.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 14.42% of the company’s stock.
A number of equities analysts have issued reports on PSA shares. 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 cut their price objective on shares of Public Storage from $222.00 to $216.00 and set a “neutral” rating on the stock in a report on Monday, May 22nd. Bank of America Corporation cut their price objective on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating on the stock in a report on Thursday, July 20th. Jefferies Group LLC reaffirmed a “hold” rating and set a $222.00 price objective on shares of Public Storage in a report on Friday, July 14th. Finally, BMO Capital Markets started coverage on shares of Public Storage in a report on Monday, September 11th. They set an “underperform” rating and a $193.00 price objective on the stock. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $214.91.
Public Storage (NYSE:PSA) opened at 214.15 on Friday. The company has a 50 day moving average of $204.54 and a 200-day moving average of $212.77. The stock has a market capitalization of $37.26 billion, a P/E ratio of 30.55 and a beta of 0.42. Public Storage has a one year low of $192.15 and a one year high of $232.21.
Public Storage (NYSE:PSA) last released its quarterly earnings data 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 business had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $626.27 million. During the same period last year, the business earned $2.40 earnings per share. The company’s quarterly revenue was up 5.0% on a year-over-year basis. Equities research analysts predict that Public Storage will post $7.22 earnings per share for the current fiscal year.
The firm also recently disclosed 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 dividend yield of 3.74%. Public Storage’s dividend payout ratio (DPR) is presently 113.96%.
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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