Concorde Asset Management LLC boosted its stake in Public Storage (NYSE:PSA) by 0.3% during the second quarter, Holdings Channel reports. The fund owned 2,511 shares of the real estate investment trust’s stock after buying an additional 8 shares during the period. Concorde Asset Management LLC’s holdings in Public Storage were worth $523,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brookfield Asset Management Inc. purchased a new position in Public Storage during the fourth quarter valued at $103,852,000. Nationwide Fund Advisors raised its position in Public Storage by 2.1% in the first quarter. Nationwide Fund Advisors now owns 109,985 shares of the real estate investment trust’s stock valued at $24,077,000 after buying an additional 2,224 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its position in Public Storage by 83.6% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 200,903 shares of the real estate investment trust’s stock valued at $43,979,000 after buying an additional 91,451 shares during the last quarter. Mason Street Advisors LLC raised its position in Public Storage by 1.1% in the first quarter. Mason Street Advisors LLC now owns 20,636 shares of the real estate investment trust’s stock valued at $4,517,000 after buying an additional 232 shares during the last quarter. Finally, Loudon Investment Management LLC raised its position in Public Storage by 25.5% in the first quarter. Loudon Investment Management LLC now owns 6,135 shares of the real estate investment trust’s stock valued at $1,343,000 after buying an additional 1,247 shares during the last quarter. 79.54% of the stock is currently owned by institutional investors and hedge funds.
Public Storage (PSA) traded down 0.35% during mid-day trading on Monday, hitting $206.96. 396,574 shares of the stock were exchanged. The stock has a 50 day moving average price of $211.93 and a 200 day moving average price of $218.32. The company has a market capitalization of $35.98 billion, a PE ratio of 29.40 and a beta of 0.41. Public Storage has a 1-year low of $200.65 and a 1-year high of $255.21.
Public Storage (NYSE:PSA) last issued its earnings results on Wednesday, April 26th. The real estate investment trust reported $2.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by $0.05. Public Storage had a return on equity of 27.74% and a net margin of 54.13%. The firm had revenue of $645.55 million during the quarter, compared to the consensus estimate of $615.23 million. During the same quarter in the prior year, the business earned $2.21 earnings per share. Public Storage’s revenue for the quarter was up 5.5% on a year-over-year basis. On average, equities analysts anticipate that Public Storage will post $7.33 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, June 29th. Investors of record on Wednesday, June 14th were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date of this dividend was Monday, June 12th. Public Storage’s dividend payout ratio is currently 113.64%.
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Several research analysts recently weighed in on PSA shares. BMO Capital Markets reissued a “hold” rating and set a $210.00 price objective on shares of Public Storage in a research note on Wednesday, March 22nd. Zacks Investment Research lowered shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Cantor Fitzgerald reissued a “hold” rating and set a $222.00 price objective on shares of Public Storage in a research note on Monday, March 20th. Barclays PLC lifted their price objective on shares of Public Storage from $222.00 to $224.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. Finally, BidaskClub upgraded shares of Public Storage from a “strong sell” rating to a “sell” rating in a report on Friday, June 16th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $226.64.
In related news, insider John Reyes sold 60,000 shares of the stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $207.11, for a total value of $12,426,600.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 14.42% of the stock is owned by company insiders.
Public Storage Company Profile
Public Storage is a real estate investment trust (REIT). The Company’s principal 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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