Convergence Investment Partners LLC acquired a new position in Public Storage (NYSE:PSA) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 6,399 shares of the real estate investment trust’s stock, valued at approximately $1,334,000.

A number of other institutional investors also recently bought and sold shares of PSA. BlackRock Inc. raised its position in Public Storage by 2,552.4% in the first quarter. BlackRock Inc. now owns 14,167,308 shares of the real estate investment trust’s stock worth $3,101,367,000 after buying an additional 13,633,185 shares during the period. Daiwa Securities Group Inc. raised its position in Public Storage by 109.6% in the first quarter. Daiwa Securities Group Inc. now owns 2,034,261 shares of the real estate investment trust’s stock worth $445,320,000 after buying an additional 1,063,521 shares during the period. Massachusetts Financial Services Co. MA raised its position in Public Storage by 87.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,477,786 shares of the real estate investment trust’s stock worth $323,502,000 after buying an additional 688,042 shares during the period. Morgan Stanley raised its position in Public Storage by 16.3% in the first quarter. Morgan Stanley now owns 2,751,504 shares of the real estate investment trust’s stock worth $602,333,000 after buying an additional 385,136 shares during the period. Finally, Vanguard Group Inc. raised its position in Public Storage by 1.8% in the first quarter. Vanguard Group Inc. now owns 21,329,524 shares of the real estate investment trust’s stock worth $4,669,246,000 after buying an additional 377,659 shares during the period. Hedge funds and other institutional investors own 78.47% of the company’s stock.

Shares of Public Storage (NYSE:PSA) opened at 201.58 on Wednesday. Public Storage has a one year low of $192.15 and a one year high of $233.39. The firm has a market cap of $35.08 billion, a P/E ratio of 28.76 and a beta of 0.41. The firm has a 50 day moving average price of $205.09 and a 200-day moving average price of $214.86.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing the consensus estimate of $2.54 by $0.95. The firm had revenue of $624.20 million during the quarter, compared to the consensus estimate of $626.27 million. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the previous year, the company posted $2.40 EPS. Analysts forecast that Public Storage will post $7.09 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $8.00 annualized dividend and a dividend yield of 3.97%. Public Storage’s payout ratio is currently 113.96%.

WARNING: This story was originally posted by Watch List News and is the property of of Watch List News. If you are reading this story on another site, it was stolen and republished in violation of U.S. & international trademark & copyright laws. The original version of this story can be viewed at https://www.watchlistnews.com/convergence-investment-partners-llc-acquires-shares-of-6399-public-storage-psa/1494063.html.

PSA has been the topic of a number of recent research reports. Zacks Investment Research lowered Public Storage from a “hold” rating to a “sell” rating in a research note on Friday, May 12th. Cantor Fitzgerald lowered their price objective on Public Storage from $222.00 to $216.00 and set a “neutral” rating on the stock in a research note on Monday, May 22nd. Barclays PLC raised their price objective on Public Storage from $222.00 to $224.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. Jefferies Group LLC restated a “hold” rating and set a $222.00 price objective on shares of Public Storage in a research note on Friday, July 14th. Finally, Bank of America Corporation lowered their price objective on Public Storage from $222.00 to $218.00 and set a “neutral” rating on the stock in a research note on Thursday, July 20th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $221.64.

In other news, insider John Reyes sold 60,000 shares of the company’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $207.11, for a total value of $12,426,600.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ronald P. Spogli purchased 2,000 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was purchased at an average cost of $200.59 per share, for a total transaction of $401,180.00. The disclosure for this purchase can be found here. Corporate insiders own 14.42% of the company’s stock.

Public Storage Company Profile

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.

Want to see what other hedge funds are holding PSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Storage (NYSE:PSA).

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

Receive News & Ratings for Public Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Storage and related companies with Analyst Ratings Network's FREE daily email newsletter.