Fisher Asset Management LLC Sells 427 Shares of Public Storage (NYSE:PSA)

Fisher Asset Management LLC decreased its holdings in Public Storage (NYSE:PSA – Get Rating) by 33.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 837 shares of the real estate investment trust’s stock after selling 427 shares during the period. Fisher Asset Management LLC’s holdings in Public Storage were worth $327,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC bought a new stake in shares of Public Storage in the fourth quarter worth $25,000. Mystic Asset Management Inc. bought a new stake in shares of Public Storage in the fourth quarter worth $26,000. Lee Financial Co bought a new stake in shares of Public Storage in the fourth quarter worth $27,000. Investors Research Corp grew its holdings in shares of Public Storage by 102.5% in the first quarter. Investors Research Corp now owns 81 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 41 shares during the period. Finally, Stonebridge Capital Advisors LLC grew its holdings in shares of Public Storage by 119.0% in the fourth quarter. Stonebridge Capital Advisors LLC now owns 92 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 50 shares during the period. Institutional investors own 78.54% of the company’s stock.

Public Storage Price Performance

Shares of Public Storage stock opened at $331.20 on Friday. The stock’s 50-day simple moving average is $316.49 and its 200-day simple moving average is $347.43. Public Storage has a 52 week low of $292.32 and a 52 week high of $421.76. The company has a market capitalization of $58.11 billion, a price-to-earnings ratio of 32.19, a PEG ratio of 2.99 and a beta of 0.34. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 1.39.

Public Storage (NYSE:PSA – Get Rating) last announced its quarterly earnings data 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). The business had revenue of $749.27 million during the quarter, compared to analysts’ expectations of $985.58 million. Public Storage had a net margin of 54.79% and a return on equity of 38.01%. Public Storage’s revenue was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.82 earnings per share. As a group, analysts expect that Public Storage will post 15.56 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, September 14th will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.42%. Public Storage’s dividend payout ratio is currently 77.75%.

Analyst Ratings Changes

Several brokerages recently commented on PSA. StockNews.com lowered Public Storage from a “buy” rating to a “hold” rating in a report on Friday, June 10th. The Goldman Sachs Group lifted their target price on Public Storage from $398.00 to $440.00 and gave the company a “neutral” rating in a research report on Thursday, April 14th. Morgan Stanley lowered their target price on Public Storage from $357.00 to $298.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 25th. Raymond James lowered their target price on Public Storage from $375.00 to $365.00 in a research report on Monday, May 23rd. Finally, Stifel Nicolaus lowered their target price on Public Storage from $410.00 to $360.00 in a research report on Tuesday, June 21st. Six analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $366.08.

Public Storage Profile

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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.