Bank of America Corp DE Reduces Stake in Public Storage (PSA)

Bank of America Corp DE lowered its stake in Public Storage (NYSE:PSA) by 7.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 867,298 shares of the real estate investment trust’s stock after selling 71,695 shares during the quarter. Bank of America Corp DE owned approximately 0.50% of Public Storage worth $196,755,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Wells Fargo & Company MN increased its holdings in Public Storage by 12.9% in the first quarter. Wells Fargo & Company MN now owns 700,479 shares of the real estate investment trust’s stock valued at $140,369,000 after buying an additional 80,252 shares during the last quarter. D.A. Davidson & CO. increased its holdings in Public Storage by 43.2% in the first quarter. D.A. Davidson & CO. now owns 1,886 shares of the real estate investment trust’s stock valued at $378,000 after buying an additional 569 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in Public Storage by 177.4% in the first quarter. Robeco Institutional Asset Management B.V. now owns 9,100 shares of the real estate investment trust’s stock valued at $1,822,000 after buying an additional 5,819 shares during the last quarter. Aperio Group LLC increased its holdings in Public Storage by 1.9% in the first quarter. Aperio Group LLC now owns 68,398 shares of the real estate investment trust’s stock valued at $13,706,000 after buying an additional 1,255 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in Public Storage by 39.5% in the first quarter. Thrivent Financial for Lutherans now owns 98,457 shares of the real estate investment trust’s stock valued at $19,729,000 after buying an additional 27,887 shares during the last quarter. 81.05% of the stock is owned by hedge funds and other institutional investors.

In other Public Storage news, CEO Ronald L. Havner, Jr. sold 100,000 shares of the firm’s stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $211.54, for a total transaction of $21,154,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 14.00% of the company’s stock.

Several equities analysts recently commented on PSA shares. Goldman Sachs Group lowered Public Storage from a “neutral” rating to a “sell” rating in a report on Wednesday, August 22nd. Evercore ISI lowered Public Storage from an “in-line” rating to an “underperform” rating and set a $217.00 target price on the stock. in a report on Monday, July 16th. They noted that the move was a valuation call. Morgan Stanley dropped their target price on Public Storage from $199.00 to $193.00 and set an “underweight” rating on the stock in a report on Thursday, June 14th. Argus increased their target price on Public Storage to $250.00 and gave the company a “buy” rating in a report on Tuesday, July 17th. Finally, BMO Capital Markets reissued a “sell” rating and issued a $194.00 target price on shares of Public Storage in a report on Wednesday, August 1st. Seven research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $208.33.

Shares of PSA stock opened at $209.92 on Friday. The stock has a market cap of $36.30 billion, a price-to-earnings ratio of 20.52, a PEG ratio of 3.99 and a beta of 0.20. Public Storage has a 1 year low of $180.48 and a 1 year high of $234.90. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.96 and a current ratio of 0.96.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Wednesday, August 1st. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.61 by ($0.61). The firm had revenue of $685.50 million for the quarter, compared to analysts’ expectations of $686.32 million. Public Storage had a return on equity of 30.37% and a net margin of 55.00%. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.51 EPS. analysts predict that Public Storage will post 10.52 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 27th. Shareholders of record on Wednesday, September 12th will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend is Tuesday, September 11th. Public Storage’s payout ratio is 78.20%.

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. The Company's headquarters are located in Glendale, California. At June 30, 2018, we had interests in 2,402 self-storage facilities located in 38 states with approximately 160 million net rentable square feet in the United States and 228 storage facilities located in seven Western European nations with approximately 12 million net rentable square feet operated under the ?Shurgard? brand.

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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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