Public Storage (PSA) Stake Cut by Cigna Investments Inc. New
Cigna Investments Inc. New decreased its stake in Public Storage (NYSE:PSA) by 8.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,770 shares of the real estate investment trust’s stock after selling 517 shares during the period. Cigna Investments Inc. New’s holdings in Public Storage were worth $1,203,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of PSA. Vanguard Group Inc. boosted its stake 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 in the last quarter. BlackRock Inc. boosted its stake 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 in the last quarter. APG Asset Management US Inc. boosted its stake in Public Storage by 3.3% in the second quarter. APG Asset Management US Inc. now owns 4,212,811 shares of the real estate investment trust’s stock valued at $878,497,000 after buying an additional 136,388 shares in the last quarter. Morgan Stanley boosted its stake 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 in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Public Storage by 2.5% in the first quarter. JPMorgan Chase & Co. now owns 2,624,270 shares of the real estate investment trust’s stock valued at $574,478,000 after buying an additional 63,887 shares in the last quarter. 78.87% of the stock is owned by institutional investors and hedge funds.
Shares of Public Storage (NYSE:PSA) opened at 200.88 on Thursday. Public Storage has a 52-week low of $192.15 and a 52-week high of $233.39. The firm’s 50-day moving average is $206.45 and its 200-day moving average is $215.43. The firm has a market cap of $34.95 billion, a P/E ratio of 28.66 and a beta of 0.41.
Public Storage (NYSE:PSA) last announced its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing the Thomson Reuters’ 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 company had revenue of $624.20 million during the quarter, compared to the consensus estimate of $626.27 million. During the same quarter in the previous year, the firm posted $2.40 EPS. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. Analysts anticipate that Public Storage will post $7.09 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be given a $2.00 dividend. The ex-dividend date is Tuesday, September 12th. This represents a $8.00 annualized dividend and a yield of 3.98%. Public Storage’s payout ratio is currently 113.96%.
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PSA has been the subject of several recent analyst reports. Zacks Investment Research cut shares of Public Storage from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Cantor Fitzgerald cut their price objective on shares of Public Storage from $222.00 to $216.00 and set a “neutral” rating for the company in a research report on Monday, May 22nd. Bank of America Corporation dropped their target price on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a report on Thursday, July 20th. Jefferies Group LLC reissued a “hold” rating and issued a $222.00 target price on shares of Public Storage in a report on Friday, July 14th. Finally, Barclays PLC increased their target price 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. 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 stock. The stock has an average rating of “Hold” and an average price target of $221.64.
In related news, Director Ronald P. Spogli acquired 2,000 shares of the stock in a transaction on Thursday, August 3rd. The stock was purchased at an average price of $200.59 per share, for a total transaction of $401,180.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Reyes sold 60,000 shares of the business’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 value of $12,426,600.00. The disclosure for this sale can be found here. Insiders own 14.42% of the company’s stock.
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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