Virtus ETF Advisers LLC lifted its stake in shares of Public Storage (NYSE:PSA) by 27.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,508 shares of the real estate investment trust’s stock after acquiring an additional 1,402 shares during the quarter. Public Storage makes up 0.8% of Virtus ETF Advisers LLC’s holdings, making the stock its 9th biggest holding. Virtus ETF Advisers LLC’s holdings in Public Storage were worth $1,449,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently modified their holdings of the company. CX Institutional raised its position in shares of Public Storage by 107.7% during the third quarter. CX Institutional now owns 189 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 98 shares during the last quarter. Prestige Wealth Management Group LLC increased its holdings in Public Storage by 43.8% in the third quarter. Prestige Wealth Management Group LLC now owns 230 shares of the real estate investment trust’s stock worth $51,000 after purchasing an additional 70 shares in the last quarter. Rosenberg Matthew Hamilton increased its holdings in Public Storage by 30.1% in the second quarter. Rosenberg Matthew Hamilton now owns 367 shares of the real estate investment trust’s stock worth $70,000 after purchasing an additional 85 shares in the last quarter. NEXT Financial Group Inc bought a new stake in Public Storage in the third quarter worth approximately $85,000. Finally, Hoover Financial Advisors Inc. bought a new stake in Public Storage in the second quarter worth approximately $76,000. Institutional investors own 79.01% of the company’s stock.
PSA stock traded up $2.96 during midday trading on Monday, hitting $222.99. The company’s stock had a trading volume of 7,271 shares, compared to its average volume of 997,303. The stock’s 50-day moving average price is $231.42 and its 200 day moving average price is $209.21. The company has a quick ratio of 3.21, a current ratio of 3.21 and a debt-to-equity ratio of 0.50. Public Storage has a 1 year low of $155.37 and a 1 year high of $240.75. The stock has a market cap of $38.47 billion, a price-to-earnings ratio of 31.43, a PEG ratio of 6.62 and a beta of 0.13.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Wednesday, November 4th. The real estate investment trust reported $1.41 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.60 by ($1.19). Public Storage had a return on equity of 28.12% and a net margin of 48.65%. The business had revenue of $730.66 million during the quarter, compared to analysts’ expectations of $728.78 million. During the same period in the prior year, the firm posted $2.73 EPS. The firm’s revenue for the quarter was up .2% on a year-over-year basis. As a group, equities analysts forecast that Public Storage will post 10.41 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Tuesday, December 15th will be given a $2.00 dividend. The ex-dividend date is Monday, December 14th. This represents a $8.00 annualized dividend and a yield of 3.59%. Public Storage’s dividend payout ratio is currently 74.42%.
In other news, Director Tamara Hughes Gustavson bought 37,031 shares of the stock in a transaction on Thursday, September 10th. The shares were purchased at an average cost of $217.65 per share, for a total transaction of $8,059,797.15. Following the completion of the purchase, the director now directly owns 16,859,750 shares in the company, valued at approximately $3,669,524,587.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ronald L. Havner, Jr. acquired 1,900 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The shares were bought at an average price of $214.85 per share, for a total transaction of $408,215.00. The disclosure for this purchase can be found here. 13.78% of the stock is currently owned by insiders.
A number of brokerages have weighed in on PSA. Stifel Nicolaus lifted their target price on Public Storage from $218.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Raymond James downgraded Public Storage from a “market perform” rating to an “underperform” rating in a report on Tuesday, October 6th. Finally, Morgan Stanley raised Public Storage from an “underweight” rating to an “equal weight” rating and set a $203.00 price objective for the company in a research note on Monday, September 21st. Four analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $214.30.
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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 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 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the ÂShurgardÂ 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 September 30, 2020.
Further Reading: Example of operating income, EBIT and EBITDA
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