Keybank National Association OH cut its stake in Public Storage (NYSE:PSA) by 7.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,366 shares of the real estate investment trust’s stock after selling 900 shares during the period. Keybank National Association OH’s holdings in Public Storage were worth $2,787,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. B & T Capital Management DBA Alpha Capital Management bought a new stake in shares of Public Storage during the third quarter worth approximately $28,000. Ashburton Jersey Ltd bought a new stake in shares of Public Storage during the second quarter worth approximately $32,000. KCS Wealth Advisory bought a new stake in shares of Public Storage during the third quarter worth approximately $33,000. Manchester Financial Inc. bought a new stake in shares of Public Storage during the second quarter worth approximately $34,000. Finally, Coastal Investment Advisors Inc. bought a new stake in shares of Public Storage during the second quarter worth approximately $48,000. 81.32% of the stock is owned by institutional investors.
A number of equities research analysts recently weighed in on PSA shares. ValuEngine downgraded shares of Public Storage from a “buy” rating to a “hold” rating in a research note on Thursday, September 5th. Citigroup boosted their price target on shares of Public Storage from $223.00 to $250.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Argus boosted their price target on shares of Public Storage to $290.00 and gave the stock a “positive” rating in a research note on Wednesday, August 28th. They noted that the move was a valuation call. Robert W. Baird raised shares of Public Storage from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $200.00 to $254.00 in a research note on Wednesday, August 21st. Finally, Evercore ISI downgraded shares of Public Storage from an “in-line” rating to an “underperform” rating and dropped their price target for the stock from $246.00 to $228.00 in a research note on Tuesday, October 1st. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $245.56.
Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $1.93 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.90 by $0.03. Public Storage had a net margin of 60.98% and a return on equity of 33.96%. The business had revenue of $729.33 million during the quarter, compared to analysts’ expectations of $732.26 million. During the same quarter in the prior year, the company posted $1.85 earnings per share. The firm’s revenue was up 3.3% on a year-over-year basis. Equities analysts predict that Public Storage will post 10.76 EPS for the current year.
In related news, Chairman B Wayne Et Al Hughes sold 38,000 shares of the stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $257.89, for a total transaction of $9,799,820.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 14.00% of the company’s stock.
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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