Renaissance Technologies LLC cut its position in Public Storage (NYSE:PSA) by 90.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,000 shares of the real estate investment trust’s stock after selling 150,334 shares during the period. Renaissance Technologies LLC’s holdings in Public Storage were worth $3,503,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Israel Discount Bank of New York purchased a new position in Public Storage during the first quarter valued at $100,000. Mascoma Wealth Management LLC raised its position in Public Storage by 128.0% in the first quarter. Mascoma Wealth Management LLC now owns 456 shares of the real estate investment trust’s stock valued at $100,000 after buying an additional 256 shares in the last quarter. Guardian Life Insurance Co. of America raised its position in Public Storage by 0.9% in the first quarter. Guardian Life Insurance Co. of America now owns 576 shares of the real estate investment trust’s stock valued at $126,000 after buying an additional 5 shares in the last quarter. Quadrant Capital Group LLC raised its position in 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 in the last quarter. Finally, Sandy Spring Bank raised its position in Public Storage by 4.1% in the first quarter. Sandy Spring Bank now owns 640 shares of the real estate investment trust’s stock valued at $140,000 after buying an additional 25 shares in the last quarter. 78.87% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage (PSA) traded up 0.03% during midday trading on Thursday, reaching $200.95. The company’s stock had a trading volume of 30,612 shares. The firm has a market capitalization of $34.97 billion, a PE ratio of 28.67 and a beta of 0.41. Public Storage has a 52 week low of $192.15 and a 52 week high of $233.39. The stock has a 50 day moving average of $206.45 and a 200 day moving average of $215.43.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 EPS for the quarter, missing the 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 firm had revenue of $624.20 million during the quarter, compared to analyst estimates of $626.27 million. During the same period last year, the company earned $2.40 EPS. The company’s revenue was up 5.0% on a year-over-year basis. On average, equities research analysts predict that Public Storage will post $7.09 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be issued a dividend of $2.00 per share. The ex-dividend date is Tuesday, September 12th. This represents a $8.00 dividend on an annualized basis and a yield of 3.98%. Public Storage’s dividend payout ratio is 113.96%.

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Several research firms have recently weighed in on PSA. BidaskClub lowered Public Storage from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Argus reduced their price objective on Public Storage from $260.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday, August 1st. Barclays PLC reduced 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. Zacks Investment Research raised Public Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Finally, Bank of America Corporation reduced 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 analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $221.64.

In other news, insider John Reyes sold 60,000 shares of the firm’s stock in a transaction 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 transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Ronald P. Spogli purchased 2,000 shares of Public Storage stock in a transaction dated Thursday, August 3rd. The stock was bought at an average price of $200.59 per share, for a total transaction of $401,180.00. The disclosure for this purchase can be found here. Company 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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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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