Fmr LLC Reduces Position in Public Storage (PSA)
Fmr LLC lowered its holdings in shares of Public Storage (NYSE:PSA) by 17.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,757,430 shares of the real estate investment trust’s stock after selling 1,400,902 shares during the period. Fmr LLC owned approximately 3.88% of Public Storage worth $1,409,127,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of PSA. UBS Asset Management Americas Inc. boosted its stake in Public Storage by 13.9% during the first quarter. UBS Asset Management Americas Inc. now owns 790,428 shares of the real estate investment trust’s stock worth $173,033,000 after acquiring an additional 96,207 shares in the last quarter. Twin Capital Management Inc. boosted its stake in Public Storage by 0.9% during the first quarter. Twin Capital Management Inc. now owns 15,090 shares of the real estate investment trust’s stock worth $3,303,000 after acquiring an additional 140 shares in the last quarter. Assetmark Inc. boosted its stake in Public Storage by 12.4% during the first quarter. Assetmark Inc. now owns 28,872 shares of the real estate investment trust’s stock worth $6,320,000 after acquiring an additional 3,193 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Public Storage during the first quarter worth about $581,000. Finally, Rational Advisors LLC bought a new stake in Public Storage during the first quarter worth about $679,000. 80.15% of the stock is currently owned by institutional investors and hedge funds.
Public Storage (PSA) traded up 0.04% on Friday, hitting $214.95. 63,527 shares of the stock traded hands. The company has a market capitalization of $37.40 billion, a PE ratio of 30.66 and a beta of 0.42. Public Storage has a 12 month low of $192.15 and a 12 month high of $232.21. The firm has a 50-day moving average price of $205.20 and a 200-day moving average price of $212.38.
Public Storage (NYSE:PSA) last released its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 EPS for the quarter, missing analysts’ consensus estimates of $2.54 by ($0.95). The company had revenue of $624.20 million during the quarter, compared to analyst estimates of $626.27 million. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter last year, the business earned $2.40 earnings per share. Analysts forecast that Public Storage will post $7.22 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be paid a $2.00 dividend. 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%.
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In related news, Director Ronald P. Spogli bought 2,000 shares of the stock in a transaction that occurred on Thursday, August 3rd. The stock was bought at an average cost of $200.59 per share, for a total transaction of $401,180.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 14.42% of the stock is owned by company insiders.
Several research analysts have issued reports on the stock. Zacks Investment Research raised shares of Public Storage from a “sell” rating to a “hold” rating in a report on Thursday, June 1st. BidaskClub raised shares of Public Storage from a “strong sell” rating to a “sell” rating in a report on Friday, June 16th. 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. Barclays PLC decreased their target price on shares of Public Storage from $216.00 to $209.00 and set an “equal weight” rating for the company in a report on Tuesday, July 18th. Finally, Bank of America Corporation decreased 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. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. Public Storage has a consensus rating of “Hold” and an average target price of $214.91.
About Public Storage
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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