Symons Capital Management Inc. Decreases Stake in Public Storage (NYSE:PSA)

Symons Capital Management Inc. lowered its stake in Public Storage (NYSE:PSA) by 13.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,307 shares of the real estate investment trust’s stock after selling 3,054 shares during the period. Public Storage accounts for 2.2% of Symons Capital Management Inc.’s holdings, making the stock its 24th biggest position. Symons Capital Management Inc.’s holdings in Public Storage were worth $4,735,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of PSA. Tokio Marine Asset Management Co. Ltd. raised its holdings in shares of Public Storage by 2.8% during the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 1,592 shares of the real estate investment trust’s stock worth $379,000 after purchasing an additional 44 shares during the last quarter. Tower View Investment Management & Research LLC raised its holdings in shares of Public Storage by 7.8% during the second quarter. Tower View Investment Management & Research LLC now owns 623 shares of the real estate investment trust’s stock worth $148,000 after purchasing an additional 45 shares during the last quarter. 6 Meridian raised its holdings in shares of Public Storage by 2.0% during the second quarter. 6 Meridian now owns 2,364 shares of the real estate investment trust’s stock worth $563,000 after purchasing an additional 46 shares during the last quarter. Advisors Capital Management LLC raised its holdings in shares of Public Storage by 4.6% during the second quarter. Advisors Capital Management LLC now owns 1,087 shares of the real estate investment trust’s stock worth $259,000 after purchasing an additional 48 shares during the last quarter. Finally, Cetera Advisors LLC raised its holdings in shares of Public Storage by 1.8% during the second quarter. Cetera Advisors LLC now owns 2,717 shares of the real estate investment trust’s stock worth $645,000 after purchasing an additional 49 shares during the last quarter. 81.32% of the stock is owned by institutional investors and hedge funds.

In other news, Chairman B Wayne Et Al Hughes sold 38,000 shares of Public Storage stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $257.89, for a total value of $9,799,820.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 14.00% of the stock is owned by company insiders.

Several brokerages recently issued reports on PSA. Stifel Nicolaus reduced their target price on shares of Public Storage from $285.00 to $266.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. ValuEngine cut shares of Public Storage from a “buy” rating to a “hold” rating in a report on Thursday, September 5th. Evercore ISI cut shares of Public Storage from an “in-line” rating to an “underperform” rating and reduced their target price for the stock from $246.00 to $228.00 in a report on Tuesday, October 1st. SunTrust Banks raised their price target on shares of Public Storage from $215.00 to $233.00 and gave the company a “hold” rating in a research report on Tuesday, August 27th. Finally, Bank of America upgraded shares of Public Storage from a “neutral” rating to a “buy” rating in a research report on Friday, July 19th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $245.56.

PSA stock traded down $3.12 during midday trading on Friday, hitting $211.35. 958,694 shares of the stock traded hands, compared to its average volume of 874,042. The firm has a market cap of $37.59 billion, a P/E ratio of 20.01, a PEG ratio of 5.08 and a beta of 0.07. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.22 and a quick ratio of 1.22. The stock’s fifty day simple moving average is $238.33 and its 200-day simple moving average is $241.81. Public Storage has a 1-year low of $193.89 and a 1-year high of $266.76.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $1.93 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.90 by $0.03. The company had revenue of $729.33 million for the quarter, compared to analyst estimates of $732.26 million. Public Storage had a net margin of 60.98% and a return on equity of 33.96%. The firm’s revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the business earned $1.85 earnings per share. On average, research analysts predict that Public Storage will post 10.76 earnings per share for the current year.

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

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