Private Bank & Trust Co. Cuts Position in Public Storage (PSA)

Private Bank & Trust Co. lowered its position in Public Storage (NYSE:PSA) by 6.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,296 shares of the real estate investment trust’s stock after selling 83 shares during the period. Private Bank & Trust Co.’s holdings in Public Storage were worth $270,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in PSA. Brookfield Asset Management Inc. purchased a new position in shares of Public Storage during the fourth quarter worth approximately $103,852,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Public Storage during the fourth quarter worth approximately $217,000. UBS Asset Management Americas Inc. raised its position in shares of Public Storage by 9.4% in the fourth quarter. UBS Asset Management Americas Inc. now owns 694,221 shares of the real estate investment trust’s stock worth $155,160,000 after buying an additional 59,929 shares during the last quarter. Kentucky Retirement Systems purchased a new position in shares of Public Storage during the fourth quarter worth approximately $2,419,000. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of Public Storage during the fourth quarter worth approximately $1,079,000. Institutional investors and hedge funds own 78.87% of the company’s stock.

Shares of Public Storage (NYSE:PSA) opened at 198.63 on Friday. The company has a 50 day moving average price of $205.76 and a 200-day moving average price of $215.18. The firm has a market cap of $34.56 billion, a P/E ratio of 28.34 and a beta of 0.41. Public Storage has a 52-week low of $192.15 and a 52-week high of $232.21.

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 Zacks’ 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 business had revenue of $624.20 million during the quarter, compared to analyst estimates of $626.27 million. During the same quarter in the prior year, the company earned $2.40 EPS. The company’s revenue was up 5.0% on a year-over-year basis. On average, analysts expect that Public Storage will post $7.09 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be paid a $2.00 dividend. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $8.00 annualized dividend and a yield of 4.03%. Public Storage’s dividend payout ratio (DPR) is 113.96%.

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PSA has been the topic of a number of recent research reports. Barclays PLC increased their price objective 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 lowered Public Storage from a “hold” rating to a “sell” rating in a research report on Friday, May 12th. Cantor Fitzgerald decreased their price objective on Public Storage from $222.00 to $216.00 and set a “neutral” rating on the stock in a research report on Monday, May 22nd. BidaskClub upgraded Public Storage from a “strong sell” rating to a “sell” rating in a research report on Friday, June 16th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $222.00 price target on shares of Public Storage in a research report on Friday, July 14th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the stock. Public Storage has an average rating of “Hold” and an average target price of $221.64.

In related news, Director Ronald P. Spogli bought 2,000 shares of Public Storage stock in a transaction dated Thursday, August 3rd. The stock was purchased at an average cost of $200.59 per share, with a total value of $401,180.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John Reyes sold 60,000 shares of the stock in a transaction that occurred on Tuesday, June 13th. The shares were 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. Company insiders own 14.42% of the company’s stock.

Public Storage Company Profile

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.

Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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