Public Storage (PSA) Shares Bought by State of Wisconsin Investment Board
State of Wisconsin Investment Board increased its stake in Public Storage (NYSE:PSA) by 21.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 179,150 shares of the real estate investment trust’s stock after buying an additional 32,177 shares during the period. State of Wisconsin Investment Board’s holdings in Public Storage were worth $37,358,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nationwide Fund Advisors increased its position in shares of Public Storage by 2.1% in the first quarter. Nationwide Fund Advisors now owns 109,985 shares of the real estate investment trust’s stock valued at $24,077,000 after buying an additional 2,224 shares during the period. Candriam Luxembourg S.C.A. increased its position in shares of Public Storage by 26.7% in the first quarter. Candriam Luxembourg S.C.A. now owns 10,980 shares of the real estate investment trust’s stock valued at $2,404,000 after buying an additional 2,312 shares during the period. Retirement Systems of Alabama increased its position in shares of Public Storage by 2.1% in the first quarter. Retirement Systems of Alabama now owns 72,182 shares of the real estate investment trust’s stock valued at $15,801,000 after buying an additional 1,485 shares during the period. Motco increased its position in shares of Public Storage by 6.2% in the first quarter. Motco now owns 2,145 shares of the real estate investment trust’s stock valued at $470,000 after buying an additional 126 shares during the period. Finally, State of Alaska Department of Revenue increased its position in shares of Public Storage by 48.2% in the first quarter. State of Alaska Department of Revenue now owns 78,471 shares of the real estate investment trust’s stock valued at $17,177,000 after buying an additional 25,521 shares during the period. Institutional investors own 78.47% of the company’s stock.
Shares of Public Storage (NYSE:PSA) opened at 201.58 on Wednesday. Public Storage has a 12 month low of $192.15 and a 12 month high of $233.39. The company has a market cap of $35.08 billion, a PE ratio of 28.76 and a beta of 0.41. The firm’s 50-day moving average is $205.09 and its 200-day moving average is $214.86.
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 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 for the quarter, compared to analysts’ expectations of $626.27 million. During the same quarter in the previous year, the company posted $2.40 earnings per share. The firm’s quarterly 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 year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.97%. Public Storage’s payout ratio is 113.96%.
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Several brokerages have recently issued reports on PSA. Barclays PLC upped their price target on shares of Public Storage from $222.00 to $224.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 19th. Zacks Investment Research upgraded Public Storage from a “sell” rating to a “hold” rating in a report on Thursday, June 1st. Cantor Fitzgerald decreased their price objective on Public Storage from $222.00 to $216.00 and set a “neutral” rating for the company in a report on Monday, May 22nd. BidaskClub upgraded Public Storage from a “strong sell” rating to a “sell” rating in a report on Friday, June 16th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $222.00 price objective on shares of Public Storage in a report on Friday, July 14th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $221.64.
In related news, insider John Reyes sold 60,000 shares of the company’s stock in a transaction that occurred 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ronald P. Spogli bought 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The shares were purchased 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. 14.42% of the stock is currently owned by corporate insiders.
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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