DekaBank Deutsche Girozentrale Has $21.96 Million Position in Public Storage (PSA)
DekaBank Deutsche Girozentrale cut its stake in shares of Public Storage (NYSE:PSA) by 6.6% during the second quarter, Holdings Channel reports. The fund owned 105,241 shares of the real estate investment trust’s stock after selling 7,382 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Public Storage were worth $21,961,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Quadrant Capital Group LLC increased its position in shares of Public Storage by 0.5% in the first quarter. Quadrant Capital Group LLC now owns 629 shares of the real estate investment trust’s stock valued at $130,000 after buying an additional 3 shares during the last quarter. Alpha Windward LLC increased its position in shares of Public Storage by 1.3% in the first quarter. Alpha Windward LLC now owns 926 shares of the real estate investment trust’s stock valued at $203,000 after buying an additional 12 shares during the last quarter. Private Bank & Trust Co. increased its position in shares of Public Storage by 1.2% in the first quarter. Private Bank & Trust Co. now owns 1,379 shares of the real estate investment trust’s stock valued at $302,000 after buying an additional 17 shares during the last quarter. Merriman Wealth Management LLC increased its position in shares of Public Storage by 0.3% in the first quarter. Merriman Wealth Management LLC now owns 1,915 shares of the real estate investment trust’s stock valued at $419,000 after buying an additional 5 shares during the last quarter. Finally, Capital Investment Advisors LLC purchased a new position in shares of Public Storage during the first quarter valued at $1,369,000. 78.87% of the stock is owned by hedge funds and other institutional investors.
Public Storage (NYSE PSA) opened at 198.63 on Friday. The stock has a market cap of $34.56 billion, a PE ratio of 28.34 and a beta of 0.41. The firm has a 50-day moving average price of $205.76 and a 200-day moving average price of $215.18. Public Storage has a 12-month low of $192.15 and a 12-month high of $232.21.
Public Storage (NYSE:PSA) last issued its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.54 by $0.95. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The company had revenue of $624.20 million during the quarter, compared to the consensus estimate of $626.27 million. During the same period in the previous year, the business posted $2.40 earnings per share. The firm’s revenue was up 5.0% on a year-over-year basis. Analysts forecast that Public Storage will post $7.09 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date of this dividend is Tuesday, September 12th. Public Storage’s payout ratio is 113.96%.
A number of research firms have recently commented on PSA. Barclays PLC upped their price objective on shares of Public Storage from $222.00 to $224.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 19th. Zacks Investment Research downgraded shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Friday, May 12th. Cantor Fitzgerald dropped their price objective on shares of Public Storage from $222.00 to $216.00 and set a “neutral” rating for the company in a research note on Monday, May 22nd. BidaskClub raised shares of Public Storage from a “strong sell” rating to a “sell” rating in a research note on Friday, June 16th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $222.00 price objective on shares of Public Storage in a research note on Friday, July 14th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $221.64.
In related news, insider John Reyes sold 60,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $207.11, for a total value of $12,426,600.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Ronald P. Spogli acquired 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The stock was bought 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. 14.42% of the stock is currently owned by company insiders.
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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