Public Storage (PSA) Position Cut by Duff & Phelps Investment Management Co.
Duff & Phelps Investment Management Co. reduced its position in shares of Public Storage (NYSE:PSA) by 58.6% during the second quarter, Holdings Channel reports. The institutional investor owned 128,081 shares of the real estate investment trust’s stock after selling 181,450 shares during the period. Duff & Phelps Investment Management Co.’s holdings in Public Storage were worth $26,709,000 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 increased 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 worth $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 worth $100,000. Bessemer Group Inc. bought a new stake in shares of Public Storage during the second quarter worth $105,000. CENTRAL TRUST Co increased 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 worth $121,000 after buying an additional 169 shares in the last quarter. Finally, Guardian Life Insurance Co. of America increased 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 worth $126,000 after buying an additional 5 shares in the last quarter. 78.87% of the stock is currently owned by institutional investors and hedge funds.
Public Storage (NYSE:PSA) opened at 198.63 on Friday. Public Storage has a 1-year low of $192.15 and a 1-year high of $232.21. The stock has a market capitalization of $34.56 billion, a P/E ratio of 28.34 and a beta of 0.41. The firm’s 50 day moving average is $205.76 and its 200 day moving average is $215.18.
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 (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.54 by $0.95. The firm had revenue of $624.20 million for the quarter, compared to analysts’ expectations 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 was up 5.0% on a year-over-year basis. During the same period last year, the company earned $2.40 earnings per share. On average, equities research analysts anticipate that Public Storage will post $7.09 earnings per share for the current year.
The business 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 of this dividend is Tuesday, September 12th. This represents a $8.00 annualized dividend and a yield of 4.03%. Public Storage’s payout ratio is presently 113.96%.
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A number of brokerages recently weighed in on PSA. Zacks Investment Research downgraded shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Friday, May 12th. Barclays PLC lowered their target price 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. BidaskClub raised shares of Public Storage from a “strong sell” rating to a “sell” rating in a research note on Friday, June 16th. Argus lowered their target price 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. Finally, Jefferies Group LLC reissued a “hold” rating and set a $222.00 price target on shares of Public Storage in a research note on Friday, July 14th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $221.64.
In related news, insider John Reyes sold 60,000 shares of the stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $207.11, for a total transaction of $12,426,600.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ronald P. Spogli purchased 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, for a total transaction of $401,180.00. The disclosure for this purchase can be found here. Corporate 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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