Nomura Asset Management Co. Ltd. Increases Stake in Public Storage (NYSE:PSA)

Nomura Asset Management Co. Ltd. grew its position in Public Storage (NYSE:PSA) by 1.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 156,355 shares of the real estate investment trust’s stock after acquiring an additional 1,511 shares during the quarter. Nomura Asset Management Co. Ltd. owned about 0.09% of Public Storage worth $37,239,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. grew its holdings in shares of Public Storage by 0.7% in the first quarter. BlackRock Inc. now owns 16,103,954 shares of the real estate investment trust’s stock worth $3,507,120,000 after purchasing an additional 112,313 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Public Storage by 10.8% in the second quarter. JPMorgan Chase & Co. now owns 3,980,811 shares of the real estate investment trust’s stock worth $943,612,000 after purchasing an additional 388,950 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Public Storage by 7.8% in the fourth quarter. Geode Capital Management LLC now owns 2,459,818 shares of the real estate investment trust’s stock worth $497,192,000 after purchasing an additional 178,705 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Public Storage by 1.8% in the second quarter. Northern Trust Corp now owns 2,337,815 shares of the real estate investment trust’s stock worth $556,799,000 after purchasing an additional 41,965 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its holdings in shares of Public Storage by 18.8% in the second quarter. Daiwa Securities Group Inc. now owns 2,162,760 shares of the real estate investment trust’s stock worth $515,105,000 after purchasing an additional 341,718 shares during the last quarter. 80.86% of the stock is currently owned by institutional investors and hedge funds.

Public Storage stock traded down $5.71 during midday trading on Friday, hitting $243.87. 37,373 shares of the company’s stock were exchanged, compared to its average volume of 802,986. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.88 and a current ratio of 0.88. Public Storage has a 12 month low of $193.89 and a 12 month high of $266.76. The firm has a 50-day moving average of $255.23 and a two-hundred day moving average of $235.30. The company has a market cap of $42.71 billion, a PE ratio of 23.11, a P/E/G ratio of 5.81 and a beta of 0.14.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.63 by ($0.87). Public Storage had a return on equity of 33.78% and a net margin of 60.77%. The business had revenue of $710.95 million for the quarter, compared to the consensus estimate of $702.70 million. During the same quarter in the previous year, the company earned $2.57 earnings per share. The firm’s revenue was up 3.7% on a year-over-year basis. As a group, equities analysts expect that Public Storage will post 10.77 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Thursday, September 12th will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 3.28%. The ex-dividend date is Wednesday, September 11th. Public Storage’s payout ratio is 75.76%.

In other Public Storage news, Chairman B Wayne Et Al Hughes sold 40,000 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $256.10, for a total transaction of $10,244,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders have sold 278,000 shares of company stock worth $72,725,820. 14.00% of the stock is owned by company insiders.

A number of research analysts have recently commented on the stock. Citigroup upped their price target on shares of Public Storage from $223.00 to $250.00 and gave the stock a “neutral” rating in a report on Wednesday. SunTrust Banks upped their price target on shares of Public Storage from $215.00 to $233.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. Argus upped their price target on shares of Public Storage to $290.00 and gave the stock a “positive” rating in a report on Wednesday, August 28th. They noted that the move was a valuation call. KeyCorp upgraded shares of Public Storage from an “underweight” rating to a “sector weight” rating and set a $243.72 price target on the stock in a report on Tuesday, June 11th. Finally, ValuEngine cut shares of Public Storage from a “buy” rating to a “hold” rating in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $244.97.

Public Storage Profile

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At March 31, 2019, we had: (i) interests in 2,444 self-storage facilities located in 38 states with approximately 164 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 231 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the “Shurgard” brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at March 31, 2019.

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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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