Public Storage (NYSE:PSA) Position Raised by Lazard Asset Management LLC

Lazard Asset Management LLC boosted its holdings in shares of Public Storage (NYSE:PSA) by 166.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,028 shares of the real estate investment trust’s stock after purchasing an additional 21,259 shares during the period. Lazard Asset Management LLC’s holdings in Public Storage were worth $7,410,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Sage Capital Advisors llc acquired a new stake in Public Storage during the 4th quarter valued at $29,000. Aspire Private Capital LLC increased its holdings in Public Storage by 232.0% during the 1st quarter. Aspire Private Capital LLC now owns 166 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 116 shares in the last quarter. Liberty Wealth Management LLC acquired a new stake in Public Storage during the 4th quarter valued at $37,000. Cornerstone Advisors Inc. increased its holdings in Public Storage by 42.3% during the 1st quarter. Cornerstone Advisors Inc. now owns 202 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 60 shares in the last quarter. Finally, Truvestments Capital LLC acquired a new stake in Public Storage during the 1st quarter valued at $48,000. 80.56% of the stock is owned by hedge funds and other institutional investors.

Shares of PSA opened at $243.31 on Friday. The firm has a market capitalization of $42.46 billion, a price-to-earnings ratio of 23.04, a PEG ratio of 5.67 and a beta of 0.18. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. Public Storage has a 52 week low of $193.89 and a 52 week high of $247.63.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Wednesday, May 1st. The real estate investment trust reported $1.73 EPS for the quarter, missing the Zacks’ consensus estimate of $2.52 by ($0.79). The firm had revenue of $689.00 million during the quarter, compared to the consensus estimate of $685.75 million. Public Storage had a net margin of 62.54% and a return on equity of 34.73%. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.48 earnings per share. Analysts forecast that Public Storage will post 10.72 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be given a $2.00 dividend. The ex-dividend date is Tuesday, June 11th. This represents a $8.00 annualized dividend and a dividend yield of 3.29%. Public Storage’s dividend payout ratio is currently 75.76%.

A number of brokerages have commented on PSA. Barclays reiterated a “hold” rating and issued a $215.00 price objective on shares of Public Storage in a research report on Thursday, March 7th. Bank of America set a $230.00 price objective on Public Storage and gave the company a “hold” rating in a research report on Friday, March 1st. Argus increased their price objective on Public Storage to $240.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. ValuEngine upgraded Public Storage from a “hold” rating to a “buy” rating in a research report on Thursday, May 23rd. Finally, Jefferies Financial Group upgraded Public Storage from an “underperform” rating to a “hold” rating and increased their price objective for the company from $181.00 to $201.00 in a research report on Tuesday, April 9th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. Public Storage has a consensus rating of “Hold” and a consensus target price of $218.22.

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About Public Storage

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. At March 31, 2019, we had: (i) interests in 2,444 self-storage facilities located in 38 states with approximately 164 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 231 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the “Shurgard” brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at March 31, 2019.

Further Reading: Price to Earnings Ratio (PE)

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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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