Twin Capital Management Inc. decreased its stake in Public Storage (NYSE:PSA) by 73.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,850 shares of the real estate investment trust’s stock after selling 10,670 shares during the period. Twin Capital Management Inc.’s holdings in Public Storage were worth $917,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of PSA. Tokio Marine Asset Management Co. Ltd. boosted its holdings in Public Storage by 2.8% in the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 1,592 shares of the real estate investment trust’s stock valued at $379,000 after purchasing an additional 44 shares during the last quarter. Tower View Investment Management & Research LLC boosted its holdings in Public Storage by 7.8% in the second quarter. Tower View Investment Management & Research LLC now owns 623 shares of the real estate investment trust’s stock valued at $148,000 after purchasing an additional 45 shares during the last quarter. 6 Meridian boosted its holdings in Public Storage by 2.0% in the second quarter. 6 Meridian now owns 2,364 shares of the real estate investment trust’s stock valued at $563,000 after purchasing an additional 46 shares during the last quarter. Trust Co. of Vermont boosted its holdings in Public Storage by 4.5% in the first quarter. Trust Co. of Vermont now owns 1,091 shares of the real estate investment trust’s stock valued at $238,000 after purchasing an additional 47 shares during the last quarter. Finally, Asset Planning Services Inc. LA ADV boosted its holdings in Public Storage by 0.3% in the first quarter. Asset Planning Services Inc. LA ADV now owns 18,922 shares of the real estate investment trust’s stock valued at $4,121,000 after purchasing an additional 50 shares during the last quarter. 80.03% of the stock is owned by institutional investors.
Shares of Public Storage stock traded down $1.17 on Friday, reaching $258.78. 697,200 shares of the company were exchanged, compared to its average volume of 863,837. Public Storage has a 1-year low of $193.89 and a 1-year high of $261.05. The firm has a market cap of $44.63 billion, a price-to-earnings ratio of 24.51, a P/E/G ratio of 5.96 and a beta of 0.17. The company’s 50-day moving average is $247.49 and its two-hundred day moving average is $228.85. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.88 and a current ratio of 0.88.
Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.87). Public Storage had a return on equity of 33.78% and a net margin of 60.77%. The business had revenue of $710.95 million during the quarter, compared to the consensus estimate of $702.70 million. During the same period last year, the company earned $2.57 earnings per share. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Public Storage will post 10.73 earnings per share for the current year.
PSA has been the topic of several research reports. Bank of America upgraded Public Storage from a “neutral” rating to a “buy” rating in a research note on Friday, July 19th. ValuEngine upgraded Public Storage from a “hold” rating to a “buy” rating in a research note on Thursday, May 23rd. Finally, KeyCorp upgraded Public Storage from an “underweight” rating to a “sector weight” rating and set a $243.72 price objective on the stock in a research note on Tuesday, June 11th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $222.45.
In related news, Chairman B Wayne Et Al Hughes sold 38,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $257.89, for a total value of $9,799,820.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 14.00% of the company’s stock.
Public Storage Company 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. 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.
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