Camden National Bank lifted its position in shares of Public Storage (NYSE:PSA) by 103.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,508 shares of the real estate investment trust’s stock after purchasing an additional 9,406 shares during the quarter. Camden National Bank’s holdings in Public Storage were worth $4,539,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of PSA. Ashburton Jersey Ltd acquired a new stake in shares of Public Storage during the 2nd quarter worth approximately $32,000. Manchester Financial Inc. purchased a new position in shares of Public Storage during the 2nd quarter valued at approximately $34,000. Coastal Investment Advisors Inc. purchased a new position in shares of Public Storage during the 2nd quarter valued at approximately $48,000. Liberty Wealth Management LLC lifted its position in shares of Public Storage by 7,433.3% during the 2nd quarter. Liberty Wealth Management LLC now owns 226 shares of the real estate investment trust’s stock valued at $54,000 after buying an additional 223 shares in the last quarter. Finally, North Star Investment Management Corp. purchased a new position in shares of Public Storage during the 3rd quarter valued at approximately $66,000. 80.85% of the stock is currently owned by institutional investors and hedge funds.
In other news, Chairman B Wayne Et Al Hughes sold 200,000 shares of Public Storage 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 document filed with the SEC, which is available at this link. In the last quarter, insiders have sold 278,000 shares of company stock worth $72,725,820. Insiders own 14.00% of the company’s stock.
Public Storage (NYSE:PSA) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.76 earnings per share for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.87). The firm had revenue of $710.95 million during the quarter, compared to analysts’ expectations of $702.70 million. Public Storage had a net margin of 60.77% and a return on equity of 33.78%. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.57 EPS. Sell-side analysts predict that Public Storage will post 10.77 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Thursday, September 12th were issued a $2.00 dividend. The ex-dividend date was Wednesday, September 11th. This represents a $8.00 dividend on an annualized basis and a yield of 3.25%. Public Storage’s payout ratio is currently 75.76%.
A number of brokerages have recently issued reports on PSA. Evercore ISI lowered Public Storage from an “in-line” rating to an “underperform” rating and decreased their target price for the company from $246.00 to $228.00 in a research report on Tuesday, October 1st. SunTrust Banks increased their target price on Public Storage from $215.00 to $233.00 and gave the company a “hold” rating in a research report on Tuesday, August 27th. ValuEngine lowered Public Storage from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. Morgan Stanley upgraded Public Storage from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $193.00 to $240.00 in a research report on Monday, September 16th. Finally, Citigroup increased their target price on Public Storage from $223.00 to $250.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company’s stock. Public Storage presently has a consensus rating of “Hold” and an average price target of $242.97.
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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