LPL Financial LLC increased its holdings in Public Storage (NYSE:PSA) by 6.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 31,257 shares of the real estate investment trust’s stock after acquiring an additional 1,919 shares during the quarter. LPL Financial LLC’s holdings in Public Storage were worth $6,533,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the stock. Millennium Management LLC purchased a new stake in Public Storage in the fourth quarter worth about $4,771,000. Rodgers Brothers Inc. purchased a new stake in Public Storage in the fourth quarter worth about $307,000. Cornerstone Capital Management Holdings LLC. lifted its position in shares of Public Storage by 26.2% during the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 174,577 shares of the real estate investment trust’s stock valued at $36,485,000 after buying an additional 36,264 shares during the last quarter. Raymond James & Associates lifted its position in shares of Public Storage by 11.0% during the fourth quarter. Raymond James & Associates now owns 336,677 shares of the real estate investment trust’s stock valued at $70,365,000 after buying an additional 33,447 shares during the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of Public Storage by 7.4% during the fourth quarter. California State Teachers Retirement System now owns 268,811 shares of the real estate investment trust’s stock valued at $56,181,000 after buying an additional 18,579 shares during the last quarter. 81.66% of the stock is owned by institutional investors.
In other news, SVP Lily Yan Hughes sold 443 shares of the company’s stock in a transaction dated Thursday, March 15th. The shares were sold at an average price of $194.53, for a total transaction of $86,176.79. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 14.42% of the company’s stock.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.72 by $0.03. Public Storage had a net margin of 51.16% and a return on equity of 27.48%. The firm had revenue of $634.22 million for the quarter, compared to the consensus estimate of $643.46 million. During the same quarter in the prior year, the company posted $2.03 earnings per share. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. research analysts forecast that Public Storage will post 10.53 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, March 14th will be issued a dividend of $2.00 per share. The ex-dividend date is Tuesday, March 13th. This represents a $8.00 annualized dividend and a dividend yield of 4.14%. Public Storage’s dividend payout ratio (DPR) is currently 118.69%.
Several analysts have commented on the stock. Cantor Fitzgerald set a $213.00 price target on shares of Public Storage and gave the company a “hold” rating in a research report on Monday, March 12th. KeyCorp set a $179.00 price target on shares of Public Storage and gave the company a “sell” rating in a research report on Thursday, March 15th. Wells Fargo reissued a “hold” rating and set a $210.00 price target (down from $225.00) on shares of Public Storage in a research report on Thursday, March 15th. They noted that the move was a valuation call. Jefferies Group set a $199.00 price target on shares of Public Storage and gave the company a “hold” rating in a research report on Monday, March 5th. Finally, Citigroup decreased their price target on shares of Public Storage from $220.00 to $200.00 and set a “neutral” rating for the company in a research report on Thursday, March 1st. Seven equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company’s stock. Public Storage currently has a consensus rating of “Hold” and a consensus target price of $204.47.
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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. The Company's headquarters are located in Glendale, California. At December 31, 2017, we had interests in 2,386 self-storage facilities located in 38 states with approximately 159 million net rentable square feet in the United States and 222 storage facilities located in seven Western European nations with approximately 12 million net rentable square feet operated under the ?Shurgard? brand.
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