Boston Financial Mangement LLC decreased its stake in Public Storage (NYSE:PSA) by 7.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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.
A number of other institutional investors also recently modified their holdings of PSA. Hanson McClain Inc. raised its position in shares of Public Storage by 0.3% in the first quarter. Hanson McClain Inc. now owns 685 shares of the real estate investment trust’s stock valued at $150,000 after buying an additional 2 shares during the period. Quadrant Capital Group LLC raised 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 during the last quarter. Merriman Wealth Management LLC raised its stake in Public Storage by 0.3% in the first quarter. Merriman Wealth Management LLC now owns 1,915 shares of the real estate investment trust’s stock valued at $419,000 after buying an additional 5 shares during the last quarter. Guardian Life Insurance Co. of America raised its stake in 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 valued at $126,000 after buying an additional 5 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. raised its stake in Public Storage by 0.3% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,668 shares of the real estate investment trust’s stock valued at $348,000 after buying an additional 5 shares during the last quarter. 78.47% of the stock is owned by hedge funds and other institutional investors.
Shares of Public Storage (PSA) traded down 0.73% during mid-day trading on Friday, reaching $196.29. 793,777 shares of the company traded hands. Public Storage has a 52-week low of $192.15 and a 52-week high of $232.21. The stock’s 50 day moving average is $204.11 and its 200 day moving average is $214.49. The stock has a market capitalization of $34.15 billion, a PE ratio of 28.00 and a beta of 0.41.
Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 EPS 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 company had revenue of $624.20 million during the quarter, compared to the consensus estimate of $626.27 million. During the same quarter in the previous year, the business posted $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 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date is Tuesday, September 12th. Public Storage’s dividend payout ratio is presently 113.96%.
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Several equities research analysts have recently issued reports on PSA shares. Argus dropped their price objective on shares of Public Storage from $260.00 to $250.00 and set a “buy” rating for the company in a research report on Tuesday, August 1st. Barclays PLC lowered their price target on shares of Public Storage from $216.00 to $209.00 and set an “equal weight” rating for the company in a report on Tuesday, July 18th. Zacks Investment Research raised shares of Public Storage from a “sell” rating to a “hold” rating in a report on Monday, July 17th. Jefferies Group LLC reaffirmed a “hold” rating and set a $222.00 price target on shares of Public Storage in a report on Friday, July 14th. Finally, Bank of America Corporation lowered their price target on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a report on Thursday, July 20th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $220.55.
In other Public Storage 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 value of $12,426,600.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ronald P. Spogli bought 2,000 shares of the firm’s stock in a transaction on Thursday, August 3rd. The stock was acquired at an average price of $200.59 per share, for a total transaction of $401,180.00. The disclosure for this purchase can be found here. 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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