Boston Financial Mangement LLC decreased its position in Public Storage (NYSE:PSA) by 7.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,589 shares of the real estate investment trust’s stock after selling 643 shares during the period. Boston Financial Mangement LLC’s holdings in Public Storage were worth $1,583,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the company. Israel Discount Bank of New York bought a new position in shares of Public Storage during the first quarter worth about $100,000. Mascoma Wealth Management LLC increased its position in shares of Public Storage by 128.0% in the first quarter. Mascoma Wealth Management LLC now owns 456 shares of the real estate investment trust’s stock worth $100,000 after buying an additional 256 shares during the period. Guardian Life Insurance Co. of America increased its position in shares of Public Storage by 0.9% in the first quarter. Guardian Life Insurance Co. of America now owns 576 shares of the real estate investment trust’s stock worth $126,000 after buying an additional 5 shares during the period. CENTRAL TRUST Co increased its position in shares of Public Storage by 41.3% in the second quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock worth $121,000 after buying an additional 169 shares during the period. Finally, Quadrant Capital Group LLC boosted its stake in Public Storage by 0.5% in the first quarter. Quadrant Capital Group LLC now owns 629 shares of the real estate investment trust’s stock valued at $130,000 after buying an additional 3 shares in the last quarter. Institutional investors own 78.87% of the company’s stock.
Shares of Public Storage (PSA) traded down 1.01% during mid-day trading on Friday, reaching $198.63. The company had a trading volume of 630,343 shares. The company has a 50 day moving average price of $206.11 and a 200 day moving average price of $215.33. Public Storage has a one year low of $192.15 and a one year high of $233.39. The company has a market capitalization of $34.56 billion, a price-to-earnings ratio of 28.34 and a beta of 0.41.
Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing the consensus estimate of $2.54 by $0.95. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The company had revenue of $624.20 million for the quarter, compared to analyst estimates of $626.27 million. During the same quarter last year, the company earned $2.40 EPS. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. On average, analysts anticipate that Public Storage will post $7.09 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be given a dividend of $2.00 per share. The ex-dividend date is Tuesday, September 12th. This represents a $8.00 annualized dividend and a dividend yield of 4.03%. Public Storage’s dividend payout ratio (DPR) is presently 113.96%.
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Several equities research analysts recently commented on PSA shares. Zacks Investment Research cut Public Storage from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Cantor Fitzgerald reduced their price objective on Public Storage from $222.00 to $216.00 and set a “neutral” rating for the company in a research note on Monday, May 22nd. Bank of America Corporation reduced their price objective on Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a research note on Thursday, July 20th. Jefferies Group LLC reissued a “hold” rating and issued a $222.00 price objective on shares of Public Storage in a research note on Friday, July 14th. Finally, Barclays PLC raised their price objective on Public Storage from $222.00 to $224.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 19th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. Public Storage currently has a consensus rating of “Hold” and a consensus target price of $221.64.
In related news, Director Ronald P. Spogli purchased 2,000 shares of Public Storage stock in a transaction that occurred on Thursday, August 3rd. The stock was purchased at an average price of $200.59 per share, for a total transaction of $401,180.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider John Reyes sold 60,000 shares of the company’s 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 disclosure for this sale can be found here. 14.42% of the stock is owned by corporate insiders.
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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