Scotia Capital Inc. grew its holdings in shares of Public Storage (NYSE:PSA) by 11.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,733 shares of the real estate investment trust’s stock after purchasing an additional 905 shares during the quarter. Scotia Capital Inc.’s holdings in Public Storage were worth $1,821,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Public Storage by 3.4% during the 2nd quarter. Vanguard Group Inc. now owns 22,057,097 shares of the real estate investment trust’s stock valued at $4,599,567,000 after purchasing an additional 727,573 shares during the last quarter. BlackRock Inc. increased its position in shares of Public Storage by 3.5% during the 2nd quarter. BlackRock Inc. now owns 14,657,306 shares of the real estate investment trust’s stock valued at $3,056,489,000 after purchasing an additional 489,998 shares during the last quarter. APG Asset Management US Inc. increased its position in shares of Public Storage by 3.3% during the 2nd quarter. APG Asset Management US Inc. now owns 4,212,811 shares of the real estate investment trust’s stock valued at $878,497,000 after purchasing an additional 136,388 shares during the last quarter. Capital World Investors increased its position in shares of Public Storage by 93.3% during the 2nd quarter. Capital World Investors now owns 4,036,000 shares of the real estate investment trust’s stock valued at $841,627,000 after purchasing an additional 1,948,000 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Public Storage by 20.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,161,559 shares of the real estate investment trust’s stock valued at $659,280,000 after purchasing an additional 537,289 shares during the last quarter. 80.15% of the stock is owned by hedge funds and other institutional investors.
Public Storage (PSA) traded up 0.55% on Friday, reaching $218.00. The company’s stock had a trading volume of 170,245 shares. Public Storage has a 12-month low of $192.15 and a 12-month high of $232.21. The firm has a 50-day moving average of $211.63 and a 200 day moving average of $211.41. The company has a market capitalization of $37.93 billion, a price-to-earnings ratio of 31.10 and a beta of 0.44.
Public Storage (NYSE:PSA) last posted its quarterly earnings data 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). The business had revenue of $624.20 million during the quarter, compared to analysts’ expectations of $626.27 million. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the firm earned $2.40 earnings per share. On average, equities research analysts anticipate that Public Storage will post $7.22 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date of this dividend was Tuesday, September 12th. Public Storage’s dividend payout ratio is presently 113.96%.
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In related news, Director Ronald P. Spogli acquired 2,000 shares of the stock in a transaction on Thursday, August 3rd. The shares were bought at an average price of $200.59 per share, with a total value of $401,180.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 14.42% of the company’s stock.
Several equities research analysts have recently commented on PSA shares. BidaskClub raised shares of Public Storage from a “strong sell” rating to a “sell” rating in a research report on Friday, June 16th. Zacks Investment Research raised shares of Public Storage from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. Jefferies Group LLC reissued a “hold” rating and issued a $222.00 target price on shares of Public Storage in a report on Friday, July 14th. Barclays PLC reduced their target price 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. Finally, Bank of America Corporation reduced their target price 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. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. Public Storage currently has an average rating of “Hold” and a consensus target price of $214.91.
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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