Brand Asset Management Group Inc. bought a new stake in shares of Public Storage (NYSE:PSA) during the 3rd quarter, Holdings Channel reports. The firm bought 1,024 shares of the real estate investment trust’s stock, valued at approximately $206,000.
Other large investors have also recently made changes to their positions in the company. Unigestion Holding SA purchased a new position in shares of Public Storage during the 2nd quarter valued at $794,000. Glenmede Trust Co. NA grew its holdings in shares of Public Storage by 1.2% during the 2nd quarter. Glenmede Trust Co. NA now owns 41,752 shares of the real estate investment trust’s stock valued at $9,472,000 after acquiring an additional 476 shares in the last quarter. Bridges Investment Management Inc. grew its holdings in shares of Public Storage by 11.9% during the 2nd quarter. Bridges Investment Management Inc. now owns 3,223 shares of the real estate investment trust’s stock valued at $731,000 after acquiring an additional 344 shares in the last quarter. Sun Life Financial INC grew its holdings in shares of Public Storage by 387.9% during the 2nd quarter. Sun Life Financial INC now owns 7,929 shares of the real estate investment trust’s stock valued at $1,799,000 after acquiring an additional 6,304 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of Public Storage by 147.6% during the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 43,952 shares of the real estate investment trust’s stock valued at $9,971,000 after acquiring an additional 26,200 shares in the last quarter. 81.12% of the stock is currently owned by institutional investors.
Several research firms have recently commented on PSA. Citigroup boosted their price target on shares of Public Storage from $200.00 to $235.00 and gave the company a “neutral” rating in a report on Thursday, July 12th. Evercore ISI cut shares of Public Storage from an “in-line” rating to an “underperform” rating and set a $217.00 price target on the stock. in a report on Monday, July 16th. They noted that the move was a valuation call. Barclays boosted their price target on shares of Public Storage from $205.00 to $212.00 and gave the company an “equal weight” rating in a report on Tuesday, July 17th. Goldman Sachs Group cut shares of Public Storage from a “neutral” rating to a “sell” rating in a report on Wednesday, August 22nd. Finally, Argus boosted their price target on shares of Public Storage to $250.00 and gave the company a “buy” rating in a report on Tuesday, July 17th. Seven research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $206.13.
In related news, CEO Ronald L. Havner, Jr. sold 100,000 shares of the company’s stock in a transaction on Thursday, August 30th. The shares were sold at an average price of $211.54, for a total value of $21,154,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 14.00% of the company’s stock.
NYSE:PSA traded up $1.92 during trading hours on Friday, reaching $200.06. The company’s stock had a trading volume of 81,146 shares, compared to its average volume of 881,427. The stock has a market capitalization of $34.52 billion, a PE ratio of 19.43, a P/E/G ratio of 3.80 and a beta of 0.19. Public Storage has a one year low of $180.48 and a one year high of $234.90. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.29.
Public Storage (NYSE:PSA) last issued its quarterly earnings data on Wednesday, August 1st. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.61 by ($0.61). The business had revenue of $685.50 million during the quarter, compared to the consensus estimate of $686.32 million. Public Storage had a return on equity of 30.37% and a net margin of 55.00%. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.51 earnings per share. On average, sell-side analysts forecast that Public Storage will post 10.53 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 27th. Investors of record on Wednesday, September 12th were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date of this dividend was Tuesday, September 11th. Public Storage’s dividend payout ratio is presently 78.20%.
Public Storage Profile
Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. The Company's headquarters are located in Glendale, California. At June 30, 2018, we had interests in 2,402 self-storage facilities located in 38 states with approximately 160 million net rentable square feet in the United States and 228 storage facilities located in seven Western European nations with approximately 12 million net rentable square feet operated under the ?Shurgard? brand.
Read More: Outstanding Shares and The Effect on Share Price
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