California State Teachers Retirement System trimmed its holdings in Public Storage (NYSE:PSA) by 6.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 274,447 shares of the real estate investment trust’s stock after selling 19,421 shares during the quarter. California State Teachers Retirement System owned 0.16% of Public Storage worth $57,231,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also bought and sold shares of the company. Israel Discount Bank of New York bought a new stake in shares of Public Storage in the first quarter valued at approximately $100,000. Bessemer Group Inc. bought a new stake in shares of Public Storage in the second quarter valued at approximately $105,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of Public Storage by 15.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 566 shares of the real estate investment trust’s stock valued at $119,000 after acquiring an additional 75 shares during the period. CENTRAL TRUST Co boosted 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 valued at $121,000 after acquiring an additional 169 shares during the period. Finally, Guardian Life Insurance Co. of America boosted 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 valued at $126,000 after acquiring an additional 5 shares during the period. 80.15% of the stock is owned by institutional investors.
Shares of Public Storage (PSA) traded down 0.242% on Wednesday, reaching $212.505. The company had a trading volume of 222,116 shares. The company’s 50-day moving average price is $210.93 and its 200-day moving average price is $211.35. The firm has a market capitalization of $36.98 billion, a price-to-earnings ratio of 30.315 and a beta of 0.44. Public Storage has a 52-week low of $192.15 and a 52-week high of $232.21.
Public Storage (NYSE:PSA) last released its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing analysts’ consensus estimates of $2.54 by ($0.95). The company had revenue of $624.20 million for the quarter, compared to the consensus estimate of $626.27 million. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The business’s revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.40 earnings per share. On average, analysts predict that Public Storage will post $7.22 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Tuesday, September 12th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.76%. Public Storage’s payout ratio is 113.96%.
In related news, Director Ronald P. Spogli bought 2,000 shares of the business’s stock in a transaction dated Thursday, August 3rd. The stock was purchased at an average cost of $200.59 per share, for a total transaction of $401,180.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 14.42% of the company’s stock.
Several equities research analysts have recently weighed in on the company. BMO Capital Markets assumed coverage on Public Storage in a research report on Monday, September 11th. They issued an “underperform” rating and a $193.00 price objective for the company. Zacks Investment Research raised Public Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. BidaskClub raised Public Storage from a “strong sell” rating to a “sell” rating in a research report on Friday, June 16th. Evercore ISI reissued an “underperform” rating and issued a $204.00 price objective (up from $197.00) on shares of Public Storage in a research report on Thursday, September 14th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $222.00 price objective on shares of Public Storage in a research report on Friday, July 14th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $214.91.
Public Storage 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.
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