Pinebridge Investments L.P. cut its holdings in Public Storage (NYSE:PSA) by 39.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,447 shares of the real estate investment trust’s stock after selling 1,578 shares during the quarter. Pinebridge Investments L.P.’s holdings in Public Storage were worth $555,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Silvant Capital Management LLC acquired a new position in Public Storage during the 1st quarter worth approximately $101,000. Signaturefd LLC acquired a new position in Public Storage during the 1st quarter worth approximately $132,000. Kiley Juergens Wealth Management LLC acquired a new position in Public Storage during the 2nd quarter worth approximately $142,000. Quad Cities Investment Group LLC acquired a new position in Public Storage during the 2nd quarter worth approximately $151,000. Finally, Landaas & Co. WI ADV acquired a new position in Public Storage during the 2nd quarter worth approximately $156,000. Institutional investors and hedge funds own 81.05% of the company’s stock.
A number of research firms have weighed in on PSA. Citigroup upped their price target on Public Storage from $200.00 to $235.00 and gave the stock a “neutral” rating in a research report on Thursday, July 12th. Evercore ISI downgraded Public Storage from an “in-line” rating to an “underperform” rating and set a $217.00 price target for the company. in a research report on Monday, July 16th. They noted that the move was a valuation call. Barclays upped their price target on Public Storage from $205.00 to $212.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 17th. Goldman Sachs Group downgraded Public Storage from a “neutral” rating to a “sell” rating in a research report on Wednesday, August 22nd. Finally, Argus upped their price target on Public Storage to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, July 17th. Seven equities research analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $208.33.
NYSE PSA opened at $213.10 on Wednesday. The company has a market capitalization of $37.04 billion, a PE ratio of 20.26, a P/E/G ratio of 4.07 and a beta of 0.20. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.96 and a quick ratio of 0.96. Public Storage has a 12 month low of $180.48 and a 12 month high of $234.90.
Public Storage (NYSE:PSA) last released its quarterly earnings data on Wednesday, August 1st. The real estate investment trust reported $2.00 EPS for the quarter, missing the consensus estimate of $2.61 by ($0.61). The company had revenue of $685.50 million during the quarter, compared to analyst estimates of $686.32 million. Public Storage had a net margin of 55.00% and a return on equity of 30.37%. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.51 EPS. sell-side analysts forecast that Public Storage will post 10.53 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 27th. Stockholders of record on Wednesday, September 12th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.75%. The ex-dividend date of this dividend is Tuesday, September 11th. Public Storage’s payout ratio is presently 78.20%.
In other news, CEO Ronald L. Havner, Jr. sold 100,000 shares of the stock in a transaction that occurred on Thursday, August 30th. The stock was sold at an average price of $211.54, for a total value of $21,154,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 14.00% of the company’s stock.
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. The Company's headquarters are located in Glendale, California. At March 31, 2018, we had interests in 2,392 self-storage facilities located in 38 states with approximately 159 million net rentable square feet in the United States and 223 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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