Strs Ohio Cuts Stake in Public Storage (PSA)
Strs Ohio decreased its stake in Public Storage (NYSE:PSA) by 1.4% during the second quarter, Holdings Channel reports. The fund owned 310,378 shares of the real estate investment trust’s stock after selling 4,358 shares during the period. Strs Ohio’s holdings in Public Storage were worth $79,329,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the company. PGGM Investments boosted its stake in Public Storage by 32.7% in the first quarter. PGGM Investments now owns 1,442,655 shares of the real estate investment trust’s stock valued at $397,928,000 after buying an additional 355,188 shares during the last quarter. Norges Bank acquired a new stake in Public Storage during the fourth quarter valued at $81,055,000. JPMorgan Chase & Co. boosted its stake in Public Storage by 17.7% in the first quarter. JPMorgan Chase & Co. now owns 1,698,899 shares of the real estate investment trust’s stock valued at $468,606,000 after buying an additional 255,965 shares during the last quarter. BlackRock Fund Advisors boosted its stake in Public Storage by 4.7% in the first quarter. BlackRock Fund Advisors now owns 4,691,082 shares of the real estate investment trust’s stock valued at $1,293,941,000 after buying an additional 210,284 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. acquired a new stake in Public Storage during the first quarter valued at $57,045,000. Hedge funds and other institutional investors own 78.78% of the company’s stock.
Shares of Public Storage (NYSE:PSA) traded up 0.36% during mid-day trading on Tuesday, reaching $216.84. The company’s stock had a trading volume of 850,683 shares. The firm has a market cap of $37.60 billion, a price-to-earnings ratio of 34.32 and a beta of 0.68. The company’s 50-day moving average is $225.11 and its 200 day moving average is $248.78. Public Storage has a 12 month low of $204.63 and a 12 month high of $277.60.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $2.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.40 by $0.06. Public Storage had a return on equity of 25.44% and a net margin of 52.53%. The company had revenue of $634.20 million for the quarter, compared to the consensus estimate of $607.28 million. During the same period in the prior year, the firm posted $2.17 earnings per share. The business’s revenue was up 7.9% on a year-over-year basis. On average, equities analysts anticipate that Public Storage will post $9.63 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Wednesday, September 14th will be issued a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend is Monday, September 12th. Public Storage’s dividend payout ratio is currently 113.92%.
Several equities research analysts have weighed in on PSA shares. Jefferies Group cut their target price on Public Storage from $270.00 to $245.00 and set a “hold” rating for the company in a research note on Wednesday, August 10th. Cantor Fitzgerald restated a “hold” rating on shares of Public Storage in a research note on Friday, August 26th. KeyCorp cut their target price on Public Storage from $220.00 to $205.00 and set an “underweight” rating for the company in a research note on Monday, September 12th. Evercore ISI upgraded Public Storage from a “sell” rating to a “hold” rating and set a $228.00 price target for the company in a research note on Monday, August 22nd. Finally, Bank of America Corp. cut Public Storage from a “buy” rating to a “neutral” rating in a research note on Thursday, August 11th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $243.24.
In other news, insider John Reyes sold 30,000 shares of Public Storage stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $215.41, for a total transaction of $6,462,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 14.20% of the company’s stock.
Public Storage Company Profile
Public Storage is a real estate investment trust. The Company’s 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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