Cornerstone Capital Management Holdings LLC. boosted its stake in shares of Public Storage (NYSE:PSA) by 26.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 174,577 shares of the real estate investment trust’s stock after purchasing an additional 36,264 shares during the quarter. Cornerstone Capital Management Holdings LLC. owned approximately 0.10% of Public Storage worth $36,485,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Chevy Chase Trust Holdings Inc. boosted its position in Public Storage by 1.3% during the 3rd quarter. Chevy Chase Trust Holdings Inc. now owns 130,513 shares of the real estate investment trust’s stock valued at $27,929,000 after purchasing an additional 1,713 shares during the period. Janus Henderson Group PLC boosted its position in Public Storage by 34.5% during the 3rd quarter. Janus Henderson Group PLC now owns 139,384 shares of the real estate investment trust’s stock valued at $29,821,000 after purchasing an additional 35,776 shares during the period. Wells Fargo & Company MN boosted its position in Public Storage by 14.6% during the 4th quarter. Wells Fargo & Company MN now owns 620,227 shares of the real estate investment trust’s stock valued at $129,627,000 after purchasing an additional 79,046 shares during the period. Trust Co acquired a new position in Public Storage during the 3rd quarter valued at approximately $294,000. Finally, UBS Asset Management Americas Inc. boosted its position in Public Storage by 13.8% during the 4th quarter. UBS Asset Management Americas Inc. now owns 872,138 shares of the real estate investment trust’s stock valued at $182,277,000 after purchasing an additional 106,063 shares during the period. Institutional investors and hedge funds own 81.75% of the company’s stock.
In other news, Director Gary E. Pruitt sold 5,000 shares of the business’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $212.09, for a total value of $1,060,450.00. Following the sale, the director now owns 8,350 shares of the company’s stock, valued at approximately $1,770,951.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 14.42% of the stock is currently owned by insiders.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.75 EPS for the quarter, topping the Zacks’ consensus estimate of $2.72 by $0.03. Public Storage had a return on equity of 27.48% and a net margin of 51.16%. The company had revenue of $634.22 million for the quarter, compared to the consensus estimate of $643.46 million. During the same quarter in the previous year, the business earned $2.03 EPS. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. sell-side analysts anticipate that Public Storage will post 10.55 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, March 14th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date of this dividend is Tuesday, March 13th. Public Storage’s dividend payout ratio is presently 118.87%.
Several analysts have weighed in on PSA shares. Robert W. Baird downgraded Public Storage from a “neutral” rating to an “underperform” rating and set a $205.00 target price on the stock. in a research note on Tuesday, November 28th. B. Riley set a $220.00 target price on Public Storage and gave the company a “hold” rating in a research note on Wednesday, November 15th. Bank of America downgraded Public Storage from a “neutral” rating to an “underperform” rating and set a $212.00 target price on the stock. in a research note on Monday, December 4th. They noted that the move was a valuation call. Morgan Stanley downgraded Public Storage from an “equal weight” rating to an “underweight” rating and set a $199.00 target price on the stock. in a research note on Wednesday, December 13th. Finally, Jefferies Group set a $212.00 target price on Public Storage and gave the company a “hold” rating in a research note on Tuesday, November 28th. Seven research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $204.43.
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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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