Summit Global Investments raised its stake in Public Storage (NYSE:PSA) by 1.3% during the first quarter, Holdings Channel reports. The institutional investor owned 25,157 shares of the real estate investment trust’s stock after purchasing an additional 320 shares during the quarter. Summit Global Investments’ holdings in Public Storage were worth $5,479,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Fifth Third Bancorp increased its stake in shares of Public Storage by 26.6% during the first quarter. Fifth Third Bancorp now owns 20,124 shares of the real estate investment trust’s stock worth $4,383,000 after buying an additional 4,224 shares during the period. Crabel Capital Management LLC purchased a new stake in shares of Public Storage during the first quarter worth approximately $227,000. Clarius Group LLC increased its stake in shares of Public Storage by 29.9% during the first quarter. Clarius Group LLC now owns 1,959 shares of the real estate investment trust’s stock worth $427,000 after buying an additional 451 shares during the period. Westpac Banking Corp increased its stake in shares of Public Storage by 6.1% during the first quarter. Westpac Banking Corp now owns 51,538 shares of the real estate investment trust’s stock worth $11,224,000 after buying an additional 2,945 shares during the period. Finally, Riverhead Capital Management LLC increased its stake in shares of Public Storage by 51.8% during the first quarter. Riverhead Capital Management LLC now owns 14,971 shares of the real estate investment trust’s stock worth $3,260,000 after buying an additional 5,110 shares during the period. 80.56% of the stock is currently owned by institutional investors.
Shares of NYSE PSA traded up $0.68 during mid-day trading on Friday, hitting $242.94. 5,613 shares of the company were exchanged, compared to its average volume of 702,868. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.58 and a quick ratio of 0.58. Public Storage has a 1-year low of $193.89 and a 1-year high of $247.63. The company has a market cap of $42.28 billion, a PE ratio of 23.02, a P/E/G ratio of 5.63 and a beta of 0.18.
Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, May 1st. The real estate investment trust reported $1.73 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.52 by ($0.79). Public Storage had a return on equity of 34.73% and a net margin of 62.54%. The company had revenue of $689.00 million for the quarter, compared to analyst estimates of $685.75 million. During the same period in the prior year, the business earned $2.48 earnings per share. Public Storage’s revenue for the quarter was up 2.9% compared to the same quarter last year. Analysts anticipate that Public Storage will post 10.73 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Wednesday, June 12th will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend is Tuesday, June 11th. Public Storage’s dividend payout ratio is presently 75.76%.
A number of analysts recently weighed in on PSA shares. Bank of America set a $230.00 target price on shares of Public Storage and gave the stock a “hold” rating in a research note on Friday, March 1st. Barclays restated a “hold” rating and set a $215.00 target price on shares of Public Storage in a research note on Thursday, March 7th. Jefferies Financial Group upgraded shares of Public Storage from an “underperform” rating to a “hold” rating and increased their price target for the company from $181.00 to $201.00 in a research note on Tuesday, April 9th. Argus increased their price target on shares of Public Storage to $240.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. Finally, ValuEngine upgraded shares of Public Storage from a “hold” rating to a “buy” rating in a research note on Thursday, May 23rd. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. Public Storage has an average rating of “Hold” and a consensus target price of $215.41.
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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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