Hudson Canyon Investment Counselors LLC cut its stake in shares of Public Storage (NYSE:PSA) by 2.2% during the second quarter, Holdings Channel reports. The firm owned 4,956 shares of the real estate investment trust’s stock after selling 111 shares during the period. Hudson Canyon Investment Counselors LLC’s holdings in Public Storage were worth $1,267,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the stock. Legal & General Group Plc increased its stake in shares of Public Storage by 1.1% in the first quarter. Legal & General Group Plc now owns 987,591 shares of the real estate investment trust’s stock valued at $272,389,000 after buying an additional 10,276 shares during the period. A.R.T. Advisors LLC increased its stake in shares of Public Storage by 76.0% in the first quarter. A.R.T. Advisors LLC now owns 9,030 shares of the real estate investment trust’s stock valued at $2,490,000 after buying an additional 3,900 shares during the period. Resolution Capital Ltd purchased a new stake in shares of Public Storage during the second quarter valued at $11,908,000. WESPAC Advisors LLC increased its stake in shares of Public Storage by 42.1% in the second quarter. WESPAC Advisors LLC now owns 5,263 shares of the real estate investment trust’s stock valued at $1,345,000 after buying an additional 1,559 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in shares of Public Storage by 55.4% in the first quarter. Envestnet Asset Management Inc. now owns 36,974 shares of the real estate investment trust’s stock valued at $10,198,000 after buying an additional 13,176 shares during the period. Institutional investors own 77.98% of the company’s stock.
Public Storage (NYSE:PSA) traded down 2.95% during mid-day trading on Monday, hitting $216.56. 742,318 shares of the stock were exchanged. The company has a market cap of $37.55 billion, a P/E ratio of 34.27 and a beta of 0.61. Public Storage has a one year low of $212.69 and a one year high of $277.60. The company has a 50-day moving average price of $222.99 and a 200-day moving average price of $247.13.
Public Storage (NYSE:PSA) last released its earnings results on Thursday, July 28th. The real estate investment trust reported $2.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.40 by $0.06. Public Storage had a return on equity of 25.44% and a net margin of 52.53%. The firm earned $634.20 million during the quarter, compared to analyst estimates of $607.28 million. During the same quarter last year, the business posted $2.17 EPS. The firm’s revenue was up 7.9% on a year-over-year basis. Analysts forecast that Public Storage will post $9.64 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 29th. Stockholders of record on Wednesday, September 14th were paid a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 3.32%. The ex-dividend date was Monday, September 12th. Public Storage’s dividend payout ratio (DPR) is presently 113.92%.
Several research firms have recently commented on PSA. KeyCorp downgraded shares of Public Storage from a “sector weight” rating to an “underweight” rating and set a $230.00 price objective for the company. in a research note on Friday, July 15th. FBR & Co reiterated a “marketperform” rating and set a $250.00 price objective on shares of Public Storage in a research note on Wednesday, June 22nd. Bank of America Corp. downgraded shares of Public Storage from a “buy” rating to a “neutral” rating in a research note on Thursday, August 11th. Jefferies Group lowered their price objective on shares of Public Storage from $270.00 to $245.00 and set a “hold” rating for the company in a research note on Wednesday, August 10th. Finally, Cantor Fitzgerald reiterated a “hold” rating on shares of Public Storage in a research note on Friday, August 26th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $243.24.
In other news, insider John Reyes sold 30,000 shares of the firm’s stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $215.41, for a total value of $6,462,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 14.20% of the stock is currently owned by insiders.
Public Storage Company Profile
Public Storage is a real estate investment trust. The Company’s 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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