Norinchukin Bank The lifted its stake in Public Storage (NYSE:PSA) by 6.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 10,375 shares of the real estate investment trust’s stock after purchasing an additional 671 shares during the quarter. Norinchukin Bank The’s holdings in Public Storage were worth $2,163,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently added to or reduced their stakes in PSA. BlackRock Inc. boosted its position in shares of Public Storage by 2,552.4% in the 1st quarter. BlackRock Inc. now owns 14,167,308 shares of the real estate investment trust’s stock valued at $3,101,367,000 after purchasing an additional 13,633,185 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Public Storage by 87.1% in the 1st 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 purchasing an additional 688,042 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Public Storage by 20.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,161,559 shares of the real estate investment trust’s stock valued at $659,280,000 after purchasing an additional 537,289 shares during the period. Federated Investors Inc. PA boosted its position in shares of Public Storage by 8,357.4% in the 2nd quarter. Federated Investors Inc. PA now owns 450,439 shares of the real estate investment trust’s stock valued at $93,930,000 after purchasing an additional 445,113 shares during the period. Finally, Morgan Stanley boosted its position in shares of Public Storage by 16.3% in the 1st quarter. Morgan Stanley now owns 2,751,504 shares of the real estate investment trust’s stock valued at $602,333,000 after purchasing an additional 385,136 shares during the period. Institutional investors and hedge funds own 80.22% of the company’s stock.
In other news, Director Ronald P. Spogli acquired 2,000 shares of Public Storage stock in a transaction dated Thursday, August 3rd. The stock was bought at an average cost of $200.59 per share, with a total value of $401,180.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 14.42% of the stock is owned by corporate insiders.
Public Storage (NYSE PSA) traded down 0.0223% during midday trading on Friday, hitting $212.5125. The stock had a trading volume of 200,926 shares. Public Storage has a 52 week low of $192.15 and a 52 week high of $232.21. The firm has a market cap of $36.98 billion, a P/E ratio of 30.3156 and a beta of 0.42. The stock has a 50-day moving average of $204.09 and a 200-day moving average of $212.87.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing the consensus estimate of $2.54 by ($0.95). The firm had revenue of $624.20 million for the quarter, compared to analyst estimates of $626.27 million. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The firm’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the company earned $2.40 earnings per share. Analysts forecast that Public Storage will post $7.22 EPS 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 given 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 dividend yield of 3.76%. Public Storage’s dividend payout ratio is currently 113.96%.
A number of research firms recently weighed in on PSA. Evercore ISI reiterated an “underperform” rating and issued a $204.00 price target (up previously from $197.00) on shares of Public Storage in a research report on Thursday. Jefferies Group LLC set a $210.00 price objective on Public Storage and gave the stock a “hold” rating in a research note on Thursday, August 17th. Bank of America Corporation reduced their price objective on Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a research note on Thursday, July 20th. Zacks Investment Research raised Public Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Finally, BidaskClub raised Public Storage from a “strong sell” rating to a “sell” rating in a research note on Friday, June 16th. Five analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. Public Storage presently has an average rating of “Hold” and a consensus price target of $214.91.
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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