Fox Run Management L.L.C. bought a new stake in Public Storage (NYSE:PSA) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,000 shares of the real estate investment trust’s stock, valued at approximately $417,000.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Brookfield Asset Management Inc. purchased a new position in shares of Public Storage during the fourth quarter worth approximately $103,852,000. Nationwide Fund Advisors increased its position in shares of Public Storage by 2.1% in the first quarter. Nationwide Fund Advisors now owns 109,985 shares of the real estate investment trust’s stock worth $24,077,000 after buying an additional 2,224 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its position in shares of Public Storage by 83.6% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 200,903 shares of the real estate investment trust’s stock worth $43,979,000 after buying an additional 91,451 shares in the last quarter. Mason Street Advisors LLC increased its position in shares of Public Storage by 1.1% in the first quarter. Mason Street Advisors LLC now owns 20,636 shares of the real estate investment trust’s stock worth $4,517,000 after buying an additional 232 shares in the last quarter. Finally, Loudon Investment Management LLC increased its position in shares of Public Storage by 25.5% in the first quarter. Loudon Investment Management LLC now owns 6,135 shares of the real estate investment trust’s stock worth $1,343,000 after buying an additional 1,247 shares in the last quarter. Hedge funds and other institutional investors own 78.87% of the company’s stock.
Public Storage (NYSE:PSA) traded down 1.01% on Friday, reaching $198.63. The company had a trading volume of 630,343 shares. The company’s 50-day moving average is $206.11 and its 200-day moving average is $215.33. Public Storage has a 52-week low of $192.15 and a 52-week high of $233.39. The company has a market capitalization of $34.56 billion, a PE ratio of 28.34 and a beta of 0.41.
Public Storage (NYSE:PSA) last posted its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.54 by $0.95. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The company had revenue of $624.20 million for the quarter, compared to the consensus estimate of $626.27 million. During the same quarter last year, the business earned $2.40 earnings per share. Public Storage’s quarterly revenue was up 5.0% on a year-over-year basis. Equities analysts anticipate that Public Storage will post $7.09 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 4.03%. The ex-dividend date of this dividend is Tuesday, September 12th. Public Storage’s dividend payout ratio is currently 113.96%.
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A number of equities research analysts have recently weighed in on PSA shares. Argus dropped their target price on Public Storage from $260.00 to $250.00 and set a “buy” rating on the stock in a research report on Tuesday, August 1st. Barclays PLC upped their target price on Public Storage from $222.00 to $224.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 19th. Zacks Investment Research upgraded Public Storage from a “sell” rating to a “hold” rating in a research report on Monday, July 17th. Jefferies Group LLC restated a “hold” rating and issued a $222.00 price objective on shares of Public Storage in a research report on Friday, July 14th. Finally, Bank of America Corporation lowered their price objective on Public Storage from $222.00 to $218.00 and set a “neutral” rating on the stock in a research report on Thursday, July 20th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $221.64.
In related news, insider John Reyes sold 60,000 shares of Public Storage stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $207.11, for a total transaction of $12,426,600.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ronald P. Spogli bought 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The shares were purchased at an average cost of $200.59 per share, for a total transaction of $401,180.00. The disclosure for this purchase can be found here. Company insiders own 14.42% of the company’s stock.
About Public Storage
Public Storage is a real estate investment trust (REIT). The Company’s principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space.
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