First Allied Advisory Services Inc. Boosts Stake in Public Storage (PSA)
First Allied Advisory Services Inc. lifted its position in shares of Public Storage (NYSE:PSA) by 29.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 3,715 shares of the real estate investment trust’s stock after acquiring an additional 855 shares during the quarter. First Allied Advisory Services Inc.’s holdings in Public Storage were worth $775,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. grew its stake in Public Storage by 2,552.4% in the 1st quarter. BlackRock Inc. now owns 14,167,308 shares of the real estate investment trust’s stock valued at $3,101,367,000 after buying an additional 13,633,185 shares in the last quarter. Vanguard Group Inc. raised its holdings in Public Storage by 3.4% during the 2nd quarter. Vanguard Group Inc. now owns 22,057,097 shares of the real estate investment trust’s stock valued at $4,599,567,000 after acquiring an additional 727,573 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Public Storage by 87.1% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,477,786 shares of the real estate investment trust’s stock valued at $323,502,000 after acquiring an additional 688,042 shares during the period. Epoch Investment Partners Inc. raised its holdings in Public Storage by 3,791.5% during the 2nd quarter. Epoch Investment Partners Inc. now owns 641,789 shares of the real estate investment trust’s stock valued at $133,832,000 after acquiring an additional 625,297 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in Public Storage by 20.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,161,559 shares of the real estate investment trust’s stock valued at $659,280,000 after acquiring an additional 537,289 shares during the period. Institutional investors own 80.15% of the company’s stock.
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Public Storage (NYSE:PSA) opened at 212.92 on Wednesday. Public Storage has a 52 week low of $192.15 and a 52 week high of $232.21. The company has a market capitalization of $37.05 billion, a price-to-earnings ratio of 30.37 and a beta of 0.44. The firm has a 50-day moving average price of $208.85 and a 200-day moving average price of $211.74.
Public Storage (NYSE:PSA) last announced its quarterly earnings data 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). The business had revenue of $624.20 million during the quarter, compared to analysts’ expectations of $626.27 million. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. Public Storage’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.40 earnings per share. Analysts anticipate that Public Storage will post $7.22 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 28th. Investors of record on Wednesday, September 13th were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.76%. The ex-dividend date was Tuesday, September 12th. Public Storage’s dividend payout ratio is currently 113.96%.
A number of equities analysts have recently commented on the company. BMO Capital Markets assumed coverage on Public Storage in a report on Monday, September 11th. They issued an “underperform” rating and a $193.00 price target for the company. Zacks Investment Research cut Public Storage from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Evercore ISI reiterated an “underperform” rating and set a $204.00 price objective (up from $197.00) on shares of Public Storage in a research note on Thursday, September 14th. Barclays PLC decreased their price objective on Public Storage from $216.00 to $209.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 18th. Finally, BidaskClub cut Public Storage from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $214.91.
In other Public Storage news, Director Ronald P. Spogli bought 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The shares were bought at an average price of $200.59 per share, with a total value of $401,180.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 14.42% of the company’s stock.
Public Storage 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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