Public Storage (NYSE:PSA) Shares Sold by Smith Asset Management Group LP
Smith Asset Management Group LP decreased its stake in Public Storage (NYSE:PSA) by 15.7% during the second quarter, Holdings Channel reports. The institutional investor owned 26,250 shares of the real estate investment trust’s stock after selling 4,900 shares during the period. Smith Asset Management Group LP’s holdings in Public Storage were worth $5,474,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in PSA. Mascoma Wealth Management LLC raised its stake in shares of 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. Israel Discount Bank of New York bought a new stake in shares of Public Storage during the first quarter valued at approximately $100,000. Bessemer Group Inc. bought a new stake in shares of Public Storage during the second quarter valued at approximately $105,000. CENTRAL TRUST Co raised its stake in shares of Public Storage by 41.3% in the second quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock valued at $121,000 after buying an additional 169 shares in the last quarter. Finally, Guardian Life Insurance Co. of America raised its stake in shares of 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. Hedge funds and other institutional investors own 78.87% of the company’s stock.
Public Storage (NYSE PSA) opened at 198.63 on Friday. The firm has a market capitalization of $34.56 billion, a price-to-earnings ratio of 28.34 and a beta of 0.41. Public Storage has a 1-year low of $192.15 and a 1-year high of $232.21. The firm has a 50-day moving average of $205.76 and a 200-day moving average of $215.18.
Public Storage (NYSE:PSA) last issued its earnings results 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. The business had revenue of $624.20 million for the quarter, compared to analyst estimates of $626.27 million. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same period last year, the company posted $2.40 earnings per share. On average, analysts expect that Public Storage will post $7.09 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders 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 dividend yield of 4.03%. Public Storage’s dividend payout ratio (DPR) is 113.96%.
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PSA has been the topic of several research analyst reports. Argus cut their price target on shares of 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 lifted their price target on shares of Public Storage from $222.00 to $224.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. Zacks Investment Research upgraded shares of Public Storage from a “sell” rating to a “hold” rating in a research note on Monday, July 17th. Jefferies Group LLC reiterated a “hold” rating and set a $222.00 price target on shares of Public Storage in a research note on Friday, July 14th. Finally, Bank of America Corporation cut their price target on shares of 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 research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the stock. Public Storage currently has an average rating of “Hold” and an average price target of $221.64.
In other Public Storage news, insider John Reyes sold 60,000 shares of the stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $207.11, for a total transaction of $12,426,600.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ronald P. Spogli bought 2,000 shares of the company’s stock in a transaction on Thursday, August 3rd. The shares were acquired 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 corporate insiders.
About Public Storage
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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