DNB Asset Management AS boosted its holdings in Public Storage (NYSE:PSA – Get Rating) by 21.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,022 shares of the real estate investment trust’s stock after purchasing an additional 5,187 shares during the period. DNB Asset Management AS’s holdings in Public Storage were worth $11,327,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the business. AdvisorNet Financial Inc boosted its holdings in shares of Public Storage by 2.7% in the 4th quarter. AdvisorNet Financial Inc now owns 1,113 shares of the real estate investment trust’s stock worth $417,000 after purchasing an additional 29 shares in the last quarter. Glassman Wealth Services boosted its holdings in shares of Public Storage by 16.4% in the 4th quarter. Glassman Wealth Services now owns 206 shares of the real estate investment trust’s stock worth $77,000 after purchasing an additional 29 shares in the last quarter. Trust Co. of Vermont boosted its holdings in shares of Public Storage by 3.4% in the 1st quarter. Trust Co. of Vermont now owns 983 shares of the real estate investment trust’s stock worth $384,000 after purchasing an additional 32 shares in the last quarter. Kentucky Retirement Systems boosted its holdings in shares of Public Storage by 0.4% in the 4th quarter. Kentucky Retirement Systems now owns 9,093 shares of the real estate investment trust’s stock worth $3,406,000 after purchasing an additional 34 shares in the last quarter. Finally, HM Payson & Co. boosted its holdings in Public Storage by 10.0% during the 3rd quarter. HM Payson & Co. now owns 396 shares of the real estate investment trust’s stock valued at $118,000 after acquiring an additional 36 shares during the period. 78.54% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts recently weighed in on the company. Evercore ISI set a $348.00 target price on Public Storage in a report on Monday. The Goldman Sachs Group increased their target price on Public Storage from $398.00 to $440.00 and gave the company a “neutral” rating in a report on Thursday, April 14th. StockNews.com cut Public Storage from a “buy” rating to a “hold” rating in a report on Friday, June 10th. Raymond James dropped their target price on Public Storage from $375.00 to $365.00 in a report on Monday, May 23rd. Finally, BMO Capital Markets upgraded Public Storage from a “market perform” rating to an “outperform” rating and dropped their target price for the company from $410.00 to $370.00 in a report on Thursday, May 19th. Six investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $373.09.
Public Storage (NYSE:PSA – Get Rating) last announced its earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.59 by ($0.96). Public Storage had a return on equity of 38.01% and a net margin of 54.79%. The firm had revenue of $749.27 million during the quarter, compared to the consensus estimate of $985.58 million. During the same period in the prior year, the company posted $2.82 EPS. The firm’s revenue was up 15.8% on a year-over-year basis. Sell-side analysts predict that Public Storage will post 15.52 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.68%. The ex-dividend date is Tuesday, June 14th. Public Storage’s dividend payout ratio is currently 77.75%.
Public Storage Company Profile (Get Rating)
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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 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 239 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 September 30, 2020.
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