KBC Group NV cut its stake in Public Storage (NYSE:PSA – Get Rating) by 0.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,477 shares of the real estate investment trust’s stock after selling 154 shares during the period. KBC Group NV’s holdings in Public Storage were worth $10,334,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of PSA. EverSource Wealth Advisors LLC purchased a new stake in Public Storage in the fourth quarter worth about $25,000. Mystic Asset Management Inc. purchased a new position in shares of Public Storage during the fourth quarter valued at approximately $26,000. Lee Financial Co purchased a new position in shares of Public Storage during the fourth quarter valued at approximately $27,000. Investors Research Corp lifted its holdings in shares of Public Storage by 102.5% during the first quarter. Investors Research Corp now owns 81 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 41 shares during the last quarter. Finally, Stonebridge Capital Advisors LLC lifted its holdings in shares of Public Storage by 119.0% during the fourth quarter. Stonebridge Capital Advisors LLC now owns 92 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 50 shares during the last quarter. 78.54% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on the stock. Morgan Stanley lowered their target price on shares of Public Storage from $357.00 to $298.00 and set an “equal weight” rating for the company in a report on Wednesday, May 25th. StockNews.com downgraded shares of Public Storage from a “buy” rating to a “hold” rating in a report on Friday, June 10th. Jefferies Financial Group decreased their target price on shares of Public Storage from $465.00 to $369.00 and set a “buy” rating for the company in a research report on Thursday, June 30th. Truist Financial decreased their price target on shares of Public Storage from $425.00 to $385.00 and set a “buy” rating for the company in a report on Wednesday, June 1st. Finally, Raymond James cut their price objective on shares of Public Storage from $375.00 to $365.00 in a research note on Monday, May 23rd. Six equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $366.08.
Public Storage Trading Up 0.7 %
Public Storage (NYSE:PSA – Get Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 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 for the quarter, compared to analyst estimates of $985.58 million. During the same quarter last year, the firm earned $2.82 EPS. The company’s revenue was up 15.8% on a year-over-year basis. As a group, research analysts expect that Public Storage will post 15.56 EPS for the current fiscal year.
Public Storage Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Wednesday, September 14th will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 2.42%. Public Storage’s dividend payout ratio is presently 77.75%.
Public Storage Company 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. 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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