Trustmark National Bank Trust Department Takes $234,000 Position in Public Storage (PSA)
Trustmark National Bank Trust Department purchased a new stake in Public Storage (NYSE:PSA) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 1,118 shares of the real estate investment trust’s stock, valued at approximately $234,000.
A number of other institutional investors also recently added to or reduced their stakes in the business. Hanson McClain Inc. raised its holdings in Public Storage by 0.3% in the 1st quarter. Hanson McClain Inc. now owns 685 shares of the real estate investment trust’s stock valued at $150,000 after acquiring an additional 2 shares during the period. Guardian Life Insurance Co. of America raised its holdings in Public Storage by 0.9% in the 1st quarter. Guardian Life Insurance Co. of America now owns 576 shares of the real estate investment trust’s stock valued at $126,000 after acquiring an additional 5 shares during the period. Diamond Hill Capital Management Inc. raised its holdings in Public Storage by 0.3% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,668 shares of the real estate investment trust’s stock valued at $348,000 after acquiring an additional 5 shares during the period. Merriman Wealth Management LLC raised its holdings in Public Storage by 0.3% in the 2nd quarter. Merriman Wealth Management LLC now owns 1,920 shares of the real estate investment trust’s stock valued at $400,000 after acquiring an additional 5 shares during the period. Finally, Concorde Asset Management LLC raised its holdings in Public Storage by 0.3% in the 2nd quarter. Concorde Asset Management LLC now owns 2,511 shares of the real estate investment trust’s stock valued at $523,000 after acquiring an additional 8 shares during the period. 80.15% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Public Storage (NYSE:PSA) traded up 0.47% on Thursday, reaching $215.11. 35,067 shares of the company were exchanged. The firm has a 50 day moving average price of $205.20 and a 200-day moving average price of $212.38. The stock has a market capitalization of $37.43 billion, a PE ratio of 30.69 and a beta of 0.42. Public Storage has a 12-month low of $192.15 and a 12-month high of $232.21.
Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 EPS for the quarter, missing the Zacks’ consensus estimate of $2.54 by ($0.95). The business had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $626.27 million. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The business’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.40 earnings per share. On average, analysts predict that Public Storage will post $7.22 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date is Tuesday, September 12th. Public Storage’s dividend payout ratio (DPR) is presently 113.96%.
In other news, Director Ronald P. Spogli bought 2,000 shares of the firm’s 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 acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 14.42% of the company’s stock.
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PSA has been the topic of several research analyst reports. Zacks Investment Research cut shares of Public Storage from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Barclays PLC lowered their price target on shares of Public Storage from $216.00 to $209.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 18th. Bank of America Corporation lowered their price target 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 target price on shares of Public Storage in a report on Friday, July 14th. Finally, BidaskClub raised shares of Public Storage from a “strong sell” rating to a “sell” rating in a report on Friday, June 16th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. Public Storage currently has a consensus rating of “Hold” and a consensus target price of $214.91.
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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