Mid Atlantic Financial Management Inc. ADV lowered its stake in shares of Public Storage (NYSE:PSA) by 7.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,319 shares of the real estate investment trust’s stock after selling 100 shares during the quarter. Mid Atlantic Financial Management Inc. ADV’s holdings in Public Storage were worth $253,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Royal Fund Management LLC bought a new position in shares of Public Storage during the 1st quarter valued at $32,000. Tower Research Capital LLC TRC grew its holdings in shares of Public Storage by 58.0% during the 1st quarter. Tower Research Capital LLC TRC now owns 207 shares of the real estate investment trust’s stock valued at $41,000 after purchasing an additional 76 shares during the last quarter. Enterprise Financial Services Corp grew its holdings in shares of Public Storage by 163.3% during the 1st quarter. Enterprise Financial Services Corp now owns 208 shares of the real estate investment trust’s stock valued at $41,000 after purchasing an additional 129 shares during the last quarter. Liberty Wealth Management LLC bought a new position in shares of Public Storage during the 1st quarter valued at $46,000. Finally, Watson Rebecca bought a new position in shares of Public Storage during the 2nd quarter valued at $49,000. Hedge funds and other institutional investors own 79.64% of the company’s stock.
Shares of PSA opened at $200.94 on Wednesday. The firm’s 50-day moving average price is $195.17 and its 200-day moving average price is $199.95. The firm has a market capitalization of $34.96 billion, a price-to-earnings ratio of 18.85, a PEG ratio of 5.58 and a beta of 0.12. The company has a current ratio of 3.21, a quick 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 $266.76.
Public Storage (NYSE:PSA) last announced its earnings results on Wednesday, August 5th. The real estate investment trust reported $1.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.52 by ($1.11). Public Storage had a net margin of 48.65% and a return on equity of 28.12%. The company had revenue of $709.29 million for the quarter, compared to the consensus estimate of $709.42 million. During the same period in the previous year, the firm posted $2.64 EPS. The company’s revenue for the quarter was down .2% on a year-over-year basis. On average, research analysts forecast that Public Storage will post 10.37 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Monday, September 14th. This represents a $8.00 dividend on an annualized basis and a yield of 3.98%. Public Storage’s dividend payout ratio (DPR) is currently 74.42%.
Several equities analysts recently commented on the stock. Wells Fargo & Co reduced their target price on shares of Public Storage from $201.00 to $200.00 and set an “underweight” rating on the stock in a report on Friday, June 19th. Argus lowered shares of Public Storage from a “buy” rating to a “hold” rating in a report on Friday, June 19th. Morgan Stanley raised their price target on shares of Public Storage from $159.00 to $177.00 and gave the stock an “underweight” rating in a report on Wednesday, July 8th. SunTrust Banks cut their price target on shares of Public Storage from $205.00 to $195.00 and set a “hold” rating on the stock in a report on Monday, May 11th. Finally, Goldman Sachs Group began coverage on shares of Public Storage in a report on Friday, June 26th. They issued a “neutral” rating and a $213.00 price target on the stock. Six research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $222.14.
In related news, insider Nathaniel A. Vitan sold 269 shares of Public Storage stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $200.18, for a total transaction of $53,848.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Uri P. Harkham sold 1,000 shares of Public Storage stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $201.22, for a total transaction of $201,220.00. Following the transaction, the director now directly owns 167 shares of the company’s stock, valued at $33,603.74. The disclosure for this sale can be found here. Company insiders own 13.78% of the company’s stock.
Public Storage Company Profile
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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