BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Cuts Position in Public Storage (PSA)
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its holdings in shares of Public Storage (NYSE:PSA) by 13.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 51,432 shares of the real estate investment trust’s stock after selling 7,689 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Public Storage were worth $11,201,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the stock. Sage Capital Advisors llc purchased a new position in Public Storage in the fourth quarter worth $29,000. Oregon Public Employees Retirement Fund lifted its stake in shares of Public Storage by 18,823.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,180,090 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 7,142,148 shares during the period. Liberty Wealth Management LLC acquired a new stake in shares of Public Storage during the fourth quarter worth $37,000. CNB Bank acquired a new stake in shares of Public Storage during the fourth quarter worth $42,000. Finally, Cornerstone Advisors Inc. lifted its stake in shares of Public Storage by 42.3% during the first quarter. Cornerstone Advisors Inc. now owns 202 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 60 shares during the period. 81.14% of the stock is currently owned by institutional investors.
Several equities research analysts have recently commented on PSA shares. Argus lifted their price objective on shares of Public Storage to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, April 9th. Jefferies Financial Group upgraded shares of Public Storage from an “underperform” rating to a “hold” rating and lifted their price objective for the stock from $181.00 to $201.00 in a research note on Tuesday, April 9th. Barclays reiterated a “hold” rating and set a $215.00 price objective on shares of Public Storage in a research note on Thursday, March 7th. Bank of America set a $230.00 target price on shares of Public Storage and gave the company a “hold” rating in a research report on Friday, March 1st. Finally, Zacks Investment Research upgraded shares of Public Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, February 12th. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. Public Storage currently has an average rating of “Hold” and an average price target of $211.88.
Public Storage (NYSE:PSA) last issued its quarterly earnings data on Wednesday, May 1st. The real estate investment trust reported $1.73 earnings per share for the quarter, missing analysts’ consensus estimates of $2.52 by ($0.79). The firm had revenue of $689.00 million during the quarter, compared to analyst estimates of $685.75 million. Public Storage had a return on equity of 34.73% and a net margin of 62.54%. The company’s revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the company posted $2.48 EPS. On average, sell-side analysts predict that Public Storage will post 10.7 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders 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 dividend on an annualized basis and a dividend yield of 3.45%. Public Storage’s dividend payout ratio (DPR) is currently 75.76%.
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.
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