Canada Pension Plan Investment Board Has $35.72 Million Stake in Public Storage (PSA)
Canada Pension Plan Investment Board increased its position in Public Storage (NYSE:PSA) by 49.3% during the second quarter, Holdings Channel reports. The institutional investor owned 171,311 shares of the real estate investment trust’s stock after buying an additional 56,533 shares during the period. Canada Pension Plan Investment Board’s holdings in Public Storage were worth $35,723,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of the company. Global X Management Co. LLC raised its stake in Public Storage by 10.2% in the second quarter. Global X Management Co. LLC now owns 1,143 shares of the real estate investment trust’s stock worth $238,000 after buying an additional 106 shares in the last quarter. Independent Order of Foresters raised its stake in Public Storage by 5.6% in the second quarter. Independent Order of Foresters now owns 37,509 shares of the real estate investment trust’s stock worth $7,822,000 after buying an additional 2,000 shares in the last quarter. Pictet Asset Management Ltd. raised its stake in Public Storage by 0.6% in the second quarter. Pictet Asset Management Ltd. now owns 100,427 shares of the real estate investment trust’s stock worth $21,627,000 after buying an additional 620 shares in the last quarter. TD Asset Management Inc. raised its stake in Public Storage by 69.2% in the second quarter. TD Asset Management Inc. now owns 113,095 shares of the real estate investment trust’s stock worth $23,583,000 after buying an additional 46,262 shares in the last quarter. Finally, Tdam USA Inc. bought a new stake in Public Storage during the second quarter worth $427,000. Institutional investors own 78.87% of the company’s stock.
Public Storage (NYSE PSA) opened at 198.63 on Friday. The firm has a market capitalization of $34.56 billion, a P/E ratio of 28.34 and a beta of 0.41. Public Storage has a 52-week low of $192.15 and a 52-week high of $232.21. The company has a 50 day moving average price of $205.76 and a 200 day moving average price of $215.18.
Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.54 by $0.95. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The company had revenue of $624.20 million for the quarter, compared to analyst estimates of $626.27 million. During the same quarter in the prior year, the business earned $2.40 earnings per share. Public Storage’s revenue was up 5.0% compared to the same quarter last year. On average, equities analysts forecast that Public Storage will post $7.09 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be paid a dividend of $2.00 per share. The ex-dividend date is Tuesday, September 12th. This represents a $8.00 annualized dividend and a yield of 4.03%. Public Storage’s dividend payout ratio is currently 113.96%.
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A number of research firms have weighed in on PSA. Argus lowered their target price on Public Storage from $260.00 to $250.00 and set a “buy” rating for the company in a report on Tuesday, August 1st. BidaskClub lowered Public Storage from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Bank of America Corporation lowered their target price on Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a report on Thursday, July 20th. Barclays PLC lowered their target price on Public Storage from $216.00 to $209.00 and set an “equal weight” rating for the company in a report on Tuesday, July 18th. Finally, Zacks Investment Research raised Public Storage from a “sell” rating to a “hold” rating in a research report on Monday, July 17th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $221.64.
In related news, insider John Reyes sold 60,000 shares of Public Storage stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $207.11, for a total transaction of $12,426,600.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Ronald P. Spogli purchased 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The shares were bought at an average price of $200.59 per share, for a total transaction of $401,180.00. The disclosure for this purchase can be found here. 14.42% of the stock is owned by company insiders.
About Public Storage
Public Storage is a real estate investment trust (REIT). The Company’s principal 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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