Foresters Investment Management Company Inc. boosted its stake in Public Storage (NYSE:PSA) by 11.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,162 shares of the real estate investment trust’s stock after buying an additional 3,625 shares during the period. Foresters Investment Management Company Inc.’s holdings in Public Storage were worth $7,916,000 as of its most recent filing with the SEC.
Other institutional investors have also recently bought and sold shares of the company. Hanson McClain Inc. raised its position in Public Storage by 0.3% in the first quarter. Hanson McClain Inc. now owns 685 shares of the real estate investment trust’s stock valued at $150,000 after buying an additional 2 shares during the last quarter. Quadrant Capital Group LLC raised its position in Public Storage by 0.5% in the first quarter. Quadrant Capital Group LLC now owns 629 shares of the real estate investment trust’s stock valued at $130,000 after buying an additional 3 shares during the last quarter. Merriman Wealth Management LLC raised its position in Public Storage by 0.3% in the first quarter. Merriman Wealth Management LLC now owns 1,915 shares of the real estate investment trust’s stock valued at $419,000 after buying an additional 5 shares during the last quarter. Diamond Hill Capital Management Inc. raised its position in Public Storage by 0.4% in the first quarter. Diamond Hill Capital Management Inc. now owns 1,663 shares of the real estate investment trust’s stock valued at $364,000 after buying an additional 7 shares during the last quarter. Finally, Alpha Windward LLC raised its position in Public Storage by 1.3% in the first quarter. Alpha Windward LLC now owns 926 shares of the real estate investment trust’s stock valued at $203,000 after buying an additional 12 shares during the last quarter. 81.26% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Public Storage (PSA) traded down 0.96% during midday trading on Tuesday, reaching $209.75. The company’s stock had a trading volume of 395,888 shares. The firm’s 50 day moving average is $211.16 and its 200 day moving average is $218.66. The firm has a market capitalization of $36.46 billion, a price-to-earnings ratio of 29.79 and a beta of 0.45. Public Storage has a 52 week low of $200.65 and a 52 week high of $260.83.
Public Storage (NYSE:PSA) last issued its quarterly earnings data on Wednesday, April 26th. The real estate investment trust reported $2.37 EPS for the quarter, missing the Zacks’ consensus estimate 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 company’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.21 EPS. Equities analysts forecast that Public Storage will post $7.33 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 29th. Shareholders of record on Wednesday, June 14th will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend is Monday, June 12th. Public Storage’s dividend payout ratio is presently 113.64%.
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Several research firms recently issued reports on PSA. Cantor Fitzgerald decreased their target price on Public Storage from $222.00 to $216.00 and set a “neutral” rating on the stock in a research note on Monday, May 22nd. Zacks Investment Research lowered Public Storage from a “hold” rating to a “sell” rating in a research note on Friday, May 12th. BidaskClub raised Public Storage from a “strong sell” rating to a “sell” rating in a research note on Friday. Evercore ISI lowered Public Storage from a “hold” rating to an “underperform” rating in a research note on Friday, March 3rd. Finally, Barclays PLC increased their target price on Public Storage from $222.00 to $224.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. Public Storage has a consensus rating of “Hold” and an average price target of $227.80.
In other Public Storage news, insider John Reyes sold 60,000 shares of the business’s stock in a transaction dated 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 is available at this link. Insiders own 14.42% of the company’s stock.
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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