Boston Advisors LLC lowered its stake in shares of Public Storage (NYSE:PSA) by 66.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,730 shares of the real estate investment trust’s stock after selling 3,359 shares during the period. Boston Advisors LLC’s holdings in Public Storage were worth $442,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in PSA. Nikko Asset Management Americas Inc. acquired a new stake in Public Storage during the first quarter valued at approximately $328,000. JPMorgan Chase & Co. increased its stake in shares of Public Storage by 17.7% in the first quarter. JPMorgan Chase & Co. now owns 1,698,899 shares of the real estate investment trust’s stock valued at $468,606,000 after buying an additional 255,965 shares during the period. NN Investment Partners Holdings N.V. purchased a new stake in shares of Public Storage during the first quarter valued at approximately $57,045,000. Landscape Capital Management L.L.C. increased its stake in shares of Public Storage by 107.8% in the first quarter. Landscape Capital Management L.L.C. now owns 13,100 shares of the real estate investment trust’s stock valued at $3,613,000 after buying an additional 6,797 shares during the period. Finally, C M Bidwell & Associates Ltd. increased its stake in shares of Public Storage by 49.0% in the first quarter. C M Bidwell & Associates Ltd. now owns 27,885 shares of the real estate investment trust’s stock valued at $7,692,000 after buying an additional 9,170 shares during the period. 77.98% of the stock is owned by institutional investors and hedge funds.
Public Storage (NYSE:PSA) traded up 1.12% on Thursday, reaching $211.24. 889,131 shares of the company were exchanged. The firm has a market capitalization of $36.63 billion, a PE ratio of 33.43 and a beta of 0.61. Public Storage has a 12-month low of $207.06 and a 12-month high of $277.60. The stock has a 50 day moving average of $221.12 and a 200 day moving average of $245.54.
Public Storage (NYSE:PSA) last released its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $2.34 earnings per share for the quarter, missing the 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 had revenue of $634.20 million for the quarter, compared to the consensus estimate of $607.28 million. During the same period in the previous year, the business earned $2.17 EPS. The firm’s revenue was up 7.9% compared to the same quarter last year. Equities analysts anticipate that Public Storage will post $9.64 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Wednesday, September 14th were paid a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a yield of 3.41%. The ex-dividend date was Monday, September 12th. Public Storage’s payout ratio is 113.92%.
Several brokerages recently commented on PSA. Bank of America Corp. downgraded shares of Public Storage from a “buy” rating to a “neutral” rating in a research report on Thursday, August 11th. KeyCorp downgraded shares of Public Storage from a “sector weight” rating to an “underweight” rating and set a $230.00 price target for the company. in a research report on Friday, July 15th. Evercore ISI upgraded shares of Public Storage from a “sell” rating to a “hold” rating and set a $228.00 price target for the company in a research report on Monday, August 22nd. FBR & Co restated a “marketperform” rating and issued a $250.00 price target on shares of Public Storage in a research report on Wednesday, June 22nd. Finally, Jefferies Group reduced their price target on shares of Public Storage from $270.00 to $245.00 and set a “hold” rating for the company in a research report on Wednesday, August 10th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the company’s stock. Public Storage has a consensus rating of “Hold” and an average target price of $243.24.
In related news, insider John Reyes sold 30,000 shares of Public Storage stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $215.41, for a total transaction of $6,462,300.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 14.20% of the company’s stock.
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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