Sun Life Financial INC Purchases 1,071 Shares of Public Storage (PSA)
Sun Life Financial INC grew its position in shares of Public Storage (NYSE:PSA) by 5,950.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,089 shares of the real estate investment trust’s stock after purchasing an additional 1,071 shares during the quarter. Sun Life Financial INC’s holdings in Public Storage were worth $227,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Guardian Life Insurance Co. of America boosted its holdings in Public Storage by 0.9% during 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. Diamond Hill Capital Management Inc. grew its position in Public Storage by 0.3% during the second quarter. Diamond Hill Capital Management Inc. now owns 1,668 shares of the real estate investment trust’s stock valued at $348,000 after buying an additional 5 shares during the period. Merriman Wealth Management LLC grew its position in Public Storage by 0.3% during the second quarter. Merriman Wealth Management LLC now owns 1,920 shares of the real estate investment trust’s stock valued at $400,000 after buying an additional 5 shares during the period. Concorde Asset Management LLC grew its position in Public Storage by 0.3% during the second quarter. Concorde Asset Management LLC now owns 2,511 shares of the real estate investment trust’s stock valued at $523,000 after buying an additional 8 shares during the period. Finally, First Hawaiian Bank grew its position in Public Storage by 0.5% during the second quarter. First Hawaiian Bank now owns 1,765 shares of the real estate investment trust’s stock valued at $369,000 after buying an additional 9 shares during the period. 80.15% of the stock is owned by hedge funds and other institutional investors.
Shares of Public Storage (NYSE PSA) traded up 0.14% on Monday, reaching $214.29. 75,038 shares of the company were exchanged. The company has a market capitalization of $37.29 billion, a P/E ratio of 30.57 and a beta of 0.44. Public Storage has a 52-week low of $192.15 and a 52-week high of $232.21. The stock has a 50 day moving average of $205.20 and a 200-day moving average of $212.38.
Public Storage (NYSE:PSA) last announced its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $1.59 EPS 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 analyst estimates of $626.27 million. During the same quarter last year, the business earned $2.40 EPS. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. On average, analysts predict that Public Storage will post $7.22 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th were given a dividend of $2.00 per share. The ex-dividend date was Tuesday, September 12th. This represents a $8.00 annualized dividend and a yield of 3.74%. Public Storage’s payout ratio is currently 113.96%.
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In related news, Director Ronald P. Spogli bought 2,000 shares of the stock in a transaction on Thursday, August 3rd. The shares were bought at an average cost of $200.59 per share, for a total transaction of $401,180.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 14.42% of the company’s stock.
A number of research analysts have weighed in on PSA shares. Bank of America Corporation decreased their price objective on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a research report on Thursday, July 20th. Jefferies Group LLC set a $210.00 target price on shares of Public Storage and gave the stock a “hold” rating in a research note on Thursday, August 17th. Zacks Investment Research upgraded Public Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. BidaskClub upgraded Public Storage from a “strong sell” rating to a “sell” rating in a research report on Friday, June 16th. Finally, KeyCorp restated a “sell” rating and issued a $184.00 price target on shares of Public Storage in a research note on Wednesday, September 13th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $214.91.
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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