Polaris Greystone Financial Group LLC Buys Shares of 96,638 Public Storage (NYSE:PSA)

Polaris Greystone Financial Group LLC bought a new stake in shares of Public Storage (NYSE:PSA) during the 3rd quarter, HoldingsChannel reports. The firm bought 96,638 shares of the real estate investment trust’s stock, valued at approximately $23,413,000. Public Storage accounts for about 1.9% of Polaris Greystone Financial Group LLC’s portfolio, making the stock its 25th biggest position.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Cohen & Steers Inc. boosted its stake in Public Storage by 36.3% during the 2nd quarter. Cohen & Steers Inc. now owns 8,050,898 shares of the real estate investment trust’s stock valued at $1,917,482,000 after purchasing an additional 2,142,247 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Public Storage by 10.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,980,811 shares of the real estate investment trust’s stock valued at $943,612,000 after purchasing an additional 388,950 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Public Storage by 31.3% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 3,966,418 shares of the real estate investment trust’s stock valued at $944,681,000 after purchasing an additional 945,431 shares during the last quarter. Northern Trust Corp boosted its stake in Public Storage by 1.8% during the 2nd quarter. Northern Trust Corp now owns 2,337,815 shares of the real estate investment trust’s stock valued at $556,799,000 after purchasing an additional 41,965 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its stake in Public Storage by 18.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,162,760 shares of the real estate investment trust’s stock valued at $515,105,000 after purchasing an additional 341,718 shares during the last quarter. Institutional investors and hedge funds own 80.85% of the company’s stock.

In other news, Chairman B Wayne Et Al Hughes sold 200,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $263.41, for a total transaction of $52,682,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 278,000 shares of company stock worth $72,725,820 over the last three months. Insiders own 14.00% of the company’s stock.

Several analysts have commented on the company. Argus increased their target price on Public Storage to $290.00 and gave the company a “positive” rating in a research note on Wednesday, August 28th. They noted that the move was a valuation call. Evercore ISI downgraded Public Storage from an “in-line” rating to an “underperform” rating and cut their target price for the company from $246.00 to $228.00 in a research note on Tuesday, October 1st. KeyCorp raised 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. ValuEngine cut Public Storage from a “buy” rating to a “hold” rating in a report on Thursday, September 5th. Finally, Bank of America raised Public Storage from a “neutral” rating to a “buy” rating in a report on Friday, July 19th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. Public Storage presently has a consensus rating of “Hold” and an average target price of $242.97.

Shares of NYSE PSA traded up $1.95 during midday trading on Wednesday, hitting $248.77. 16,294 shares of the stock traded hands, compared to its average volume of 856,224. The firm has a 50-day moving average of $253.11 and a two-hundred day moving average of $239.63. The firm has a market capitalization of $43.09 billion, a P/E ratio of 23.56, a PEG ratio of 5.72 and a beta of 0.11. 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 one year low of $193.89 and a one year high of $266.76.

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

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Thursday, September 12th were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Wednesday, September 11th. This represents a $8.00 annualized dividend and a dividend yield of 3.22%. Public Storage’s payout ratio is 75.76%.

About Public Storage

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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