Assetmark Inc. raised its stake in Public Storage (NYSE:PSA) by 12.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,872 shares of the real estate investment trust’s stock after buying an additional 3,193 shares during the period. Assetmark Inc.’s holdings in Public Storage were worth $6,320,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the company. Twin Capital Management Inc. raised its position in Public Storage by 0.9% in the first quarter. Twin Capital Management Inc. now owns 15,090 shares of the real estate investment trust’s stock valued at $3,303,000 after buying an additional 140 shares during the period. Norinchukin Bank The raised its position in Public Storage by 7.2% in the first quarter. Norinchukin Bank The now owns 9,704 shares of the real estate investment trust’s stock valued at $2,124,000 after buying an additional 655 shares during the period. Ffcm LLC raised its position in Public Storage by 5.4% in the first quarter. Ffcm LLC now owns 24,154 shares of the real estate investment trust’s stock valued at $5,288,000 after buying an additional 1,246 shares during the period. Stevens Capital Management LP purchased a new position in Public Storage during the first quarter valued at approximately $12,699,000. Finally, State of Wisconsin Investment Board raised its position in Public Storage by 14.2% in the first quarter. State of Wisconsin Investment Board now owns 146,973 shares of the real estate investment trust’s stock valued at $32,174,000 after buying an additional 18,252 shares during the period. 81.13% of the stock is currently owned by institutional investors and hedge funds.
Public Storage (PSA) opened at 213.66 on Friday. Public Storage has a 52 week low of $200.65 and a 52 week high of $260.83. The firm has a 50 day moving average price of $211.09 and a 200 day moving average price of $218.50. The stock has a market capitalization of $37.14 billion, a P/E ratio of 30.35 and a beta of 0.45.
Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, April 26th. The real estate investment trust reported $2.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by $0.05. The company had revenue of $645.55 million for the quarter, compared to analyst estimates of $615.23 million. Public Storage had a return on equity of 27.74% and a net margin of 54.13%. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.21 earnings per share. Equities research analysts predict that Public Storage will post $7.33 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 29th. Stockholders of record on Wednesday, June 14th will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date is Monday, June 12th. Public Storage’s payout ratio is 113.64%.
PSA has been the topic of several research analyst reports. Cantor Fitzgerald reaffirmed a “hold” rating and set a $222.00 price target on shares of Public Storage in a research report on Monday, March 20th. BMO Capital Markets reaffirmed a “hold” rating and set a $210.00 price target on shares of Public Storage in a research report on Wednesday, March 22nd. Barclays PLC lifted their price target on Public Storage from $222.00 to $224.00 and gave the stock 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. Finally, Evercore ISI lowered Public Storage from a “hold” rating to an “underperform” rating in a research report on Friday, March 3rd. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. Public Storage presently has a consensus rating of “Hold” and a consensus target price of $227.80.
In other news, insider John Reyes sold 60,000 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $207.11, for a total transaction of $12,426,600.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 14.42% of the stock is currently owned by corporate insiders.
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.
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