SG Americas Securities LLC cut its stake in Public Storage (NYSE:PSA) by 75.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,675 shares of the real estate investment trust’s stock after selling 79,928 shares during the period. SG Americas Securities LLC’s holdings in Public Storage were worth $6,297,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. B & T Capital Management DBA Alpha Capital Management acquired a new position in shares of Public Storage in the 3rd quarter worth approximately $28,000. Ashburton Jersey Ltd acquired a new position in shares of Public Storage in the 2nd quarter worth approximately $32,000. KCS Wealth Advisory acquired a new position in shares of Public Storage in the 3rd quarter worth approximately $33,000. Manchester Financial Inc. acquired a new position in shares of Public Storage in the 2nd quarter worth approximately $34,000. Finally, Coastal Investment Advisors Inc. acquired a new position in shares of Public Storage in the 2nd quarter worth approximately $48,000. 81.32% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently weighed in on PSA shares. ValuEngine cut Public Storage from a “buy” rating to a “hold” rating in a report on Thursday, September 5th. Stifel Nicolaus dropped their price target on Public Storage from $285.00 to $266.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Morgan Stanley raised Public Storage from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $193.00 to $240.00 in a report on Monday, September 16th. Citigroup raised their price target on Public Storage from $223.00 to $250.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Finally, Barclays set a $256.00 price target on Public Storage and gave the company a “sell” rating in a report on Friday, October 11th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. Public Storage presently has a consensus rating of “Hold” and an average price target of $245.56.
Shares of NYSE PSA traded down $3.12 during midday trading on Friday, hitting $211.35. The stock had a trading volume of 958,694 shares, compared to its average volume of 874,042. The company’s 50-day simple moving average is $238.33 and its 200 day simple moving average is $241.81. The firm has a market cap of $37.59 billion, a P/E ratio of 20.01, a price-to-earnings-growth ratio of 5.08 and a beta of 0.07. Public Storage has a fifty-two week low of $193.89 and a fifty-two week high of $266.76. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.22 and a quick ratio of 1.22.
Public Storage (NYSE:PSA) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $1.93 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.90 by $0.03. The company had revenue of $729.33 million during the quarter, compared to analysts’ expectations of $732.26 million. Public Storage had a return on equity of 33.96% and a net margin of 60.98%. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period last year, the firm earned $1.85 EPS. Equities analysts expect that Public Storage will post 10.76 EPS for the current fiscal year.
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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