Convergence Investment Partners LLC Acquires Shares of 6,399 Public Storage (PSA)
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%.
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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.
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