FDx Advisors Inc. lifted its position in Public Storage (NYSE:PSA) by 17.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,216 shares of the real estate investment trust’s stock after purchasing an additional 1,528 shares during the quarter. FDx Advisors Inc.’s holdings in Public Storage were worth $2,135,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Tower Research Capital LLC TRC raised its stake in Public Storage by 841.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 527 shares of the real estate investment trust’s stock worth $110,000 after acquiring an additional 471 shares in the last quarter. Trustcore Financial Services LLC acquired a new position in Public Storage during the fourth quarter worth $145,000. Cable Hill Partners LLC raised its stake in Public Storage by 139.9% during the third quarter. Cable Hill Partners LLC now owns 787 shares of the real estate investment trust’s stock worth $168,000 after acquiring an additional 459 shares in the last quarter. Advisory Services Network LLC raised its stake in Public Storage by 184.6% during the fourth quarter. Advisory Services Network LLC now owns 942 shares of the real estate investment trust’s stock worth $197,000 after acquiring an additional 611 shares in the last quarter. Finally, Grimes & Company Inc. acquired a new position in Public Storage during the third quarter worth $204,000. Institutional investors and hedge funds own 79.88% of the company’s stock.
Shares of Public Storage (NYSE:PSA) opened at $195.68 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.38 and a current ratio of 1.29. The company has a market capitalization of $33,614.28, a price-to-earnings ratio of 19.30, a PEG ratio of 3.79 and a beta of 0.31. Public Storage has a 1-year low of $180.48 and a 1-year high of $232.21.
Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.75 EPS for the quarter, topping the consensus estimate of $2.72 by $0.03. The company had revenue of $634.22 million for the quarter, compared to analysts’ expectations of $643.46 million. Public Storage had a return on equity of 27.48% and a net margin of 51.16%. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.03 earnings per share. research analysts expect that Public Storage will post 10.56 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, March 14th will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 4.09%. The ex-dividend date of this dividend is Tuesday, March 13th. Public Storage’s payout ratio is presently 118.69%.
PSA has been the subject of several recent analyst reports. B. Riley reiterated a “neutral” rating on shares of Public Storage in a research note on Wednesday, November 1st. BMO Capital Markets set a $185.00 price objective on Public Storage and gave the stock a “sell” rating in a research note on Tuesday. Bank of America lowered Public Storage from a “neutral” rating to an “underperform” rating and set a $212.00 price objective for the company. in a research note on Monday, December 4th. They noted that the move was a valuation call. Zacks Investment Research lowered Public Storage from a “hold” rating to a “sell” rating in a research note on Wednesday, January 24th. Finally, Cantor Fitzgerald reiterated a “hold” rating and set a $213.00 price objective on shares of Public Storage in a research note on Wednesday. Eight equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $205.77.
In other news, Director Gary E. Pruitt sold 5,000 shares of the stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $212.09, for a total transaction of $1,060,450.00. Following the sale, the director now owns 8,350 shares in the company, valued at $1,770,951.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Reyes sold 60,000 shares of the stock in a transaction on Friday, December 1st. The stock was sold at an average price of $212.24, for a total value of $12,734,400.00. The disclosure for this sale can be found here. 14.42% of the stock is currently owned by corporate insiders.
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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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