Diamond Hill Capital Management Inc. Decreases Holdings in Public Storage (PSA)

Diamond Hill Capital Management Inc. trimmed its holdings in shares of Public Storage (NYSE:PSA) by 12.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,101 shares of the real estate investment trust’s stock after selling 424 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Public Storage were worth $625,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in PSA. Bridges Investment Management Inc. lifted its stake in shares of Public Storage by 11.9% in the 2nd quarter. Bridges Investment Management Inc. now owns 3,223 shares of the real estate investment trust’s stock valued at $731,000 after purchasing an additional 344 shares during the period. Glenmede Trust Co. NA lifted its stake in shares of Public Storage by 1.2% in the 2nd quarter. Glenmede Trust Co. NA now owns 41,752 shares of the real estate investment trust’s stock valued at $9,472,000 after purchasing an additional 476 shares during the period. Lourd Capital LLC acquired a new position in shares of Public Storage in the 3rd quarter valued at $529,000. Sun Life Financial INC lifted its stake in shares of Public Storage by 387.9% in the 2nd quarter. Sun Life Financial INC now owns 7,929 shares of the real estate investment trust’s stock valued at $1,799,000 after purchasing an additional 6,304 shares during the period. Finally, Jane Street Group LLC lifted its stake in shares of Public Storage by 428.0% in the 2nd quarter. Jane Street Group LLC now owns 8,775 shares of the real estate investment trust’s stock valued at $1,991,000 after purchasing an additional 7,113 shares during the period. Institutional investors and hedge funds own 81.25% of the company’s stock.

In other news, Director Gary E. Pruitt sold 5,000 shares of the company’s stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $203.35, for a total transaction of $1,016,750.00. Following the completion of the sale, the director now owns 8,350 shares of the company’s stock, valued at $1,697,972.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 14.00% of the stock is currently owned by insiders.

Several equities analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Public Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, November 20th. Barclays reissued a “hold” rating and issued a $208.00 price target on shares of Public Storage in a report on Wednesday, August 8th. Citigroup cut their price target on shares of Public Storage from $235.00 to $202.00 and set a “hold” rating for the company in a report on Friday, October 5th. Finally, Goldman Sachs Group lowered shares of Public Storage from a “neutral” rating to a “sell” rating in a report on Wednesday, August 22nd. Five equities research 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’s stock. Public Storage presently has an average rating of “Hold” and an average price target of $205.58.

Shares of NYSE PSA opened at $213.26 on Friday. The firm has a market capitalization of $36.94 billion, a P/E ratio of 20.02, a P/E/G ratio of 4.18 and a beta of 0.13. The company has a quick ratio of 1.06, a current ratio of 1.05 and a debt-to-equity ratio of 0.29. Public Storage has a one year low of $180.48 and a one year high of $234.90.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Tuesday, October 30th. The real estate investment trust reported $1.85 EPS for the quarter, hitting the consensus estimate of $1.85. The company had revenue of $706.37 million during the quarter, compared to analyst estimates of $704.51 million. Public Storage had a net margin of 55.38% and a return on equity of 30.87%. During the same quarter in the previous year, the firm earned $1.61 EPS. Equities research analysts expect that Public Storage will post 10.53 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 27th. Investors of record on Wednesday, December 12th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 3.75%. The ex-dividend date is Tuesday, December 11th. Public Storage’s payout ratio is presently 78.20%.

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Public Storage Profile

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. The Company's headquarters are located in Glendale, California. At June 30, 2018, we had interests in 2,402 self-storage facilities located in 38 states with approximately 160 million net rentable square feet in the United States and 228 storage facilities located in seven Western European nations with approximately 12 million net rentable square feet operated under the “Shurgard” brand.

Further Reading: The Role of a Fiduciary and Individual Investors

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

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