Piedmont Investment Advisors LLC cut its holdings in Public Storage (NYSE:PSA) by 15.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 32,276 shares of the real estate investment trust’s stock after selling 5,952 shares during the quarter. Piedmont Investment Advisors LLC’s holdings in Public Storage were worth $6,731,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in PSA. Dimensional Fund Advisors LP raised its stake in shares of Public Storage by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,054,552 shares of the real estate investment trust’s stock worth $428,434,000 after purchasing an additional 57,277 shares during the last quarter. Nationwide Fund Advisors raised its stake in shares of Public Storage by 7.6% in the second quarter. Nationwide Fund Advisors now owns 118,395 shares of the real estate investment trust’s stock worth $24,689,000 after purchasing an additional 8,410 shares during the last quarter. Amalgamated Bank raised its stake in shares of Public Storage by 56.1% in the second quarter. Amalgamated Bank now owns 17,486 shares of the real estate investment trust’s stock worth $3,646,000 after purchasing an additional 6,283 shares during the last quarter. California Public Employees Retirement System raised its stake in shares of Public Storage by 2.5% in the second quarter. California Public Employees Retirement System now owns 349,501 shares of the real estate investment trust’s stock worth $72,881,000 after purchasing an additional 8,600 shares during the last quarter. Finally, Kemper Corp Master Retirement Trust raised its stake in shares of Public Storage by 15.4% in the second quarter. Kemper Corp Master Retirement Trust now owns 3,370 shares of the real estate investment trust’s stock worth $703,000 after purchasing an additional 450 shares during the last quarter. Institutional investors own 80.15% of the company’s stock.
Shares of Public Storage (NYSE PSA) traded up 0.64% during mid-day trading on Friday, hitting $218.19. The stock had a trading volume of 248,975 shares. Public Storage has a 52-week low of $192.15 and a 52-week high of $232.21. The company has a market cap of $37.97 billion, a PE ratio of 31.13 and a beta of 0.44. The stock has a 50 day moving average price of $211.63 and a 200-day moving average price of $211.41.
Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing analysts’ consensus estimates of $2.54 by ($0.95). The firm had revenue of $624.20 million during the quarter, compared to analyst estimates of $626.27 million. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The business’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.40 EPS. On average, equities analysts expect that Public Storage will post $7.22 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date of this dividend was Tuesday, September 12th. Public Storage’s dividend payout ratio (DPR) is presently 113.96%.
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In related news, Director Ronald P. Spogli bought 2,000 shares of the stock in a transaction on Thursday, August 3rd. The shares were purchased at an average price of $200.59 per share, for a total transaction of $401,180.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 14.42% of the stock is currently owned by corporate insiders.
PSA has been the subject of several research analyst reports. BidaskClub upgraded Public Storage from a “strong sell” rating to a “sell” rating in a research note on Friday, June 16th. Zacks Investment Research upgraded Public Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Jefferies Group LLC reaffirmed a “hold” rating and set a $222.00 target price on shares of Public Storage in a report on Friday, July 14th. Barclays PLC dropped their target price on Public Storage from $216.00 to $209.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 18th. Finally, Bank of America Corporation dropped their target price on Public Storage from $222.00 to $218.00 and set a “neutral” rating on the stock in a report on Thursday, July 20th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $214.91.
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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