Wolverine Asset Management LLC purchased a new position in Public Storage (NYSE:PSA) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 7,619 shares of the real estate investment trust’s stock, valued at approximately $1,592,000.
Several other institutional investors and hedge funds also recently modified their holdings of PSA. BlackRock Inc. lifted its position in Public Storage by 2.1% in the 4th quarter. BlackRock Inc. now owns 15,205,032 shares of the real estate investment trust’s stock valued at $3,177,851,000 after acquiring an additional 312,682 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Public Storage by 41.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,466,228 shares of the real estate investment trust’s stock valued at $950,191,000 after acquiring an additional 1,304,669 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Public Storage by 3.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,123,657 shares of the real estate investment trust’s stock valued at $454,437,000 after acquiring an additional 69,105 shares in the last quarter. Geode Capital Management LLC lifted its position in Public Storage by 4.1% in the 4th quarter. Geode Capital Management LLC now owns 1,903,764 shares of the real estate investment trust’s stock valued at $397,191,000 after acquiring an additional 75,518 shares in the last quarter. Finally, Lasalle Investment Management Securities LLC lifted its position in Public Storage by 32.2% in the 4th quarter. Lasalle Investment Management Securities LLC now owns 1,677,943 shares of the real estate investment trust’s stock valued at $350,690,000 after acquiring an additional 408,263 shares in the last quarter. 81.75% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts recently issued reports on the company. Jefferies Group set a $199.00 price objective on Public Storage and gave the company a “hold” rating in a research report on Monday, March 5th. Citigroup lowered their price objective on Public Storage from $220.00 to $200.00 and set a “neutral” rating on the stock in a research report on Thursday, March 1st. Bank of America raised Public Storage from an “underperform” rating to a “neutral” rating and set a $212.00 price objective on the stock in a research report on Tuesday, February 27th. Cantor Fitzgerald reaffirmed a “hold” rating and issued a $213.00 price objective on shares of Public Storage in a research report on Wednesday, February 21st. Finally, BMO Capital Markets set a $185.00 price objective on Public Storage and gave the company a “sell” rating in a research report on Tuesday, February 20th. Seven research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. Public Storage presently has a consensus rating of “Hold” and an average price target of $204.43.
Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.75 earnings per share for the quarter, beating analysts’ consensus estimates of $2.72 by $0.03. The business had revenue of $634.22 million during the quarter, compared to analyst estimates of $643.46 million. Public Storage had a net margin of 51.16% and a return on equity of 27.48%. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.03 EPS. analysts expect that Public Storage will post 10.55 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, March 14th will be paid a dividend of $2.00 per share. The ex-dividend date is Tuesday, March 13th. This represents a $8.00 dividend on an annualized basis and a yield of 4.01%. Public Storage’s dividend payout ratio is presently 118.87%.
In other Public Storage news, Director Gary E. Pruitt sold 5,000 shares of the business’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $212.09, for a total transaction of $1,060,450.00. Following the completion of the sale, the director now directly owns 8,350 shares in the company, valued at approximately $1,770,951.50. The sale was disclosed in a document filed with the SEC, which is available through this link. 14.42% of the stock is currently owned by insiders.
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About Public Storage
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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