Public Storage (PSA) Shares Bought by Sarasin & Partners LLP
Sarasin & Partners LLP raised its stake in Public Storage (NYSE:PSA) by 2.0% during the second quarter, Holdings Channel reports. The fund owned 49,664 shares of the real estate investment trust’s stock after buying an additional 977 shares during the period. Sarasin & Partners LLP’s holdings in Public Storage were worth $10,356,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PSA. BlackRock Inc. boosted its position in Public Storage by 2,552.4% in the first 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 during the last quarter. Daiwa Securities Group Inc. boosted its position in Public Storage by 109.6% in the first quarter. Daiwa Securities Group Inc. now owns 2,034,261 shares of the real estate investment trust’s stock valued at $445,320,000 after buying an additional 1,063,521 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Public Storage by 87.1% in the first 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 buying an additional 688,042 shares during the last quarter. Morgan Stanley boosted its position in Public Storage by 16.3% in the first quarter. Morgan Stanley now owns 2,751,504 shares of the real estate investment trust’s stock valued at $602,333,000 after buying an additional 385,136 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Public Storage by 1.8% in the first quarter. Vanguard Group Inc. now owns 21,329,524 shares of the real estate investment trust’s stock valued at $4,669,246,000 after buying an additional 377,659 shares during the last quarter. Hedge funds and other institutional investors own 78.47% of the company’s stock.
Shares of Public Storage (NYSE:PSA) opened at 200.54 on Tuesday. The firm has a 50-day moving average price of $205.40 and a 200 day moving average price of $214.97. Public Storage has a 12-month low of $192.15 and a 12-month high of $233.39. The firm has a market cap of $34.89 billion, a price-to-earnings ratio of 28.61 and a beta of 0.41.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $1.59 EPS for the quarter, missing the Zacks’ consensus estimate of $2.54 by $0.95. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The firm had revenue of $624.20 million during the quarter, compared to the consensus estimate of $626.27 million. During the same period in the prior year, the firm posted $2.40 EPS. The firm’s quarterly revenue was up 5.0% on a year-over-year basis. On average, equities research analysts anticipate that Public Storage will post $7.09 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date is Tuesday, September 12th. Public Storage’s dividend payout ratio is presently 113.96%.
Several research analysts have issued reports on PSA shares. Zacks Investment Research cut Public Storage from a “hold” rating to a “sell” rating in a research report on Friday, May 12th. Cantor Fitzgerald cut their price objective on Public Storage from $222.00 to $216.00 and set a “neutral” rating for the company in a research report on Monday, May 22nd. Barclays PLC increased their price objective on Public Storage from $222.00 to $224.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 19th. Jefferies Group LLC reiterated a “hold” rating and issued a $222.00 price objective on shares of Public Storage in a research report on Friday, July 14th. Finally, BidaskClub upgraded Public Storage from a “strong sell” rating to a “sell” rating in a research report on Friday, June 16th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $221.64.
In other news, insider John Reyes sold 60,000 shares of the business’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 filing with the SEC, which is accessible through this link. Also, Director Ronald P. Spogli acquired 2,000 shares of the company’s stock in a transaction dated Thursday, August 3rd. The stock was purchased 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 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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