Manning & Napier Group LLC Sells 685 Shares of Public Storage (NYSE:PSA)

Manning & Napier Group LLC decreased its position in shares of Public Storage (NYSE:PSA) by 1.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,210 shares of the real estate investment trust’s stock after selling 685 shares during the period. Manning & Napier Group LLC’s holdings in Public Storage were worth $9,370,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of PSA. First Trust Advisors LP increased its position in Public Storage by 30.8% during the first quarter. First Trust Advisors LP now owns 218,258 shares of the real estate investment trust’s stock valued at $47,532,000 after acquiring an additional 51,447 shares during the last quarter. Envestnet Asset Management Inc. increased its position in Public Storage by 26.1% during the first quarter. Envestnet Asset Management Inc. now owns 28,298 shares of the real estate investment trust’s stock valued at $6,163,000 after acquiring an additional 5,853 shares during the last quarter. Private Advisor Group LLC increased its position in Public Storage by 1.5% during the first quarter. Private Advisor Group LLC now owns 4,777 shares of the real estate investment trust’s stock valued at $1,040,000 after acquiring an additional 71 shares during the last quarter. OppenheimerFunds Inc. increased its position in Public Storage by 34.9% during the first quarter. OppenheimerFunds Inc. now owns 97,929 shares of the real estate investment trust’s stock valued at $21,327,000 after acquiring an additional 25,311 shares during the last quarter. Finally, Commonwealth Equity Services LLC increased its position in Public Storage by 0.8% during the first quarter. Commonwealth Equity Services LLC now owns 28,766 shares of the real estate investment trust’s stock valued at $6,264,000 after acquiring an additional 226 shares during the last quarter. Institutional investors and hedge funds own 80.85% of the company’s stock.

In related news, Chairman B Wayne Et Al Hughes sold 200,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $263.41, for a total value of $52,682,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders sold 278,000 shares of company stock valued at $72,725,820. 14.00% of the stock is owned by insiders.

A number of research firms have weighed in on PSA. Robert W. Baird upgraded shares of Public Storage from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $200.00 to $254.00 in a research report on Wednesday, August 21st. Bank of America upgraded shares of Public Storage from a “neutral” rating to a “buy” rating in a research report on Friday, July 19th. Citigroup boosted their price objective on shares of Public Storage from $223.00 to $250.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. ValuEngine cut shares of Public Storage from a “buy” rating to a “hold” rating in a report on Thursday, September 5th. Finally, SunTrust Banks upped their price target on shares of Public Storage from $215.00 to $233.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. Public Storage has an average rating of “Hold” and an average price target of $242.97.

NYSE PSA opened at $246.70 on Friday. The company’s 50-day moving average price is $252.60 and its 200-day moving average price is $239.89. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.38. The stock has a market cap of $43.09 billion, a PE ratio of 23.36, a PEG ratio of 5.72 and a beta of 0.11. Public Storage has a 12 month low of $193.89 and a 12 month high of $266.76.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.76 EPS for the quarter, missing the Zacks’ consensus estimate of $2.63 by ($0.87). Public Storage had a return on equity of 33.78% and a net margin of 60.77%. The company had revenue of $710.95 million during the quarter, compared to the consensus estimate of $702.70 million. During the same quarter in the previous year, the company posted $2.57 earnings per share. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. As a group, sell-side analysts forecast that Public Storage will post 10.77 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Thursday, September 12th were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date was Wednesday, September 11th. Public Storage’s dividend payout ratio (DPR) is presently 75.76%.

About Public Storage

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. At March 31, 2019, we had: (i) interests in 2,444 self-storage facilities located in 38 states with approximately 164 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 231 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the “Shurgard” brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at March 31, 2019.

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

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