Pinebridge Investments L.P. Buys 92 Shares of Public Storage (PSA)
Pinebridge Investments L.P. increased its stake in shares of Public Storage (NYSE:PSA) by 3.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,813 shares of the real estate investment trust’s stock after purchasing an additional 92 shares during the quarter. Pinebridge Investments L.P.’s holdings in Public Storage were worth $587,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. lifted its holdings 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 purchasing an additional 13,633,185 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of 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 worth $323,502,000 after purchasing an additional 688,042 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of 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 worth $659,280,000 after purchasing an additional 537,289 shares during the last quarter. Federated Investors Inc. PA boosted its stake in shares of Public Storage by 8,357.4% during the 2nd quarter. Federated Investors Inc. PA now owns 450,439 shares of the real estate investment trust’s stock worth $93,930,000 after purchasing an additional 445,113 shares during the last quarter. Finally, Morgan Stanley boosted its stake in shares of Public Storage by 16.3% during the 1st quarter. Morgan Stanley now owns 2,751,504 shares of the real estate investment trust’s stock worth $602,333,000 after purchasing an additional 385,136 shares during the last quarter. 80.15% of the stock is owned by hedge funds and other institutional investors.
PSA has been the subject of a number of recent research reports. Argus lowered their price target on shares of Public Storage from $260.00 to $250.00 and set a “buy” rating for the company in a report on Tuesday, August 1st. Barclays PLC reduced their price objective on shares of 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. Zacks Investment Research raised shares of Public Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Jefferies Group LLC restated a “hold” rating and set a $222.00 target price on shares of Public Storage in a research report on Friday, July 14th. Finally, Bank of America Corporation decreased their target price on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating on the stock in a research report on Thursday, July 20th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. Public Storage presently has an average rating of “Hold” and an average target price of $214.91.
In related news, Director Ronald P. Spogli purchased 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The stock was acquired at an average cost of $200.59 per share, for a total transaction of $401,180.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 14.42% of the stock is owned by corporate insiders.
Public Storage (PSA) opened at 213.99 on Monday. The firm has a market cap of $37.23 billion, a price-to-earnings ratio of 30.53 and a beta of 0.44. Public Storage has a one year low of $192.15 and a one year high of $232.21. The firm has a 50 day moving average of $205.20 and a 200-day moving average of $212.38.
Public Storage (NYSE:PSA) last released its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing the Thomson Reuters’ 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 business had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $626.27 million. During the same period last year, the firm earned $2.40 EPS. The company’s revenue was up 5.0% compared to the same quarter last year. Equities research analysts forecast that Public Storage will post $7.22 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date was Tuesday, September 12th. Public Storage’s dividend payout ratio (DPR) is 113.96%.
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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