Boston Financial Mangement LLC lowered its position in shares of Public Storage (NYSE:PSA) by 6.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,794 shares of the real estate investment trust’s stock after selling 1,124 shares during the period. Boston Financial Mangement LLC’s holdings in Public Storage were worth $3,747,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the stock. Washington Trust Bank increased its position in shares of Public Storage by 7.4% in the second quarter. Washington Trust Bank now owns 420 shares of the real estate investment trust’s stock worth $107,000 after buying an additional 29 shares in the last quarter. Quadrant Capital Group LLC increased its position in shares of Public Storage by 1.2% in the second quarter. Quadrant Capital Group LLC now owns 516 shares of the real estate investment trust’s stock worth $127,000 after buying an additional 6 shares in the last quarter. Global X Management Co. LLC increased its position in shares of Public Storage by 23.4% in the second quarter. Global X Management Co. LLC now owns 501 shares of the real estate investment trust’s stock worth $128,000 after buying an additional 95 shares in the last quarter. WFG Advisors LP increased its position in shares of Public Storage by 0.6% in the second quarter. WFG Advisors LP now owns 520 shares of the real estate investment trust’s stock worth $133,000 after buying an additional 3 shares in the last quarter. Finally, Capital Advisors Ltd. LLC increased its position in shares of Public Storage by 35.4% in the second quarter. Capital Advisors Ltd. LLC now owns 555 shares of the real estate investment trust’s stock worth $142,000 after buying an additional 145 shares in the last quarter. Institutional investors and hedge funds own 77.41% of the company’s stock.
Public Storage (NYSE:PSA) traded up 1.64% during trading on Friday, hitting $208.12. The company had a trading volume of 138,768 shares. The stock has a 50-day moving average of $210.52 and a 200-day moving average of $232.31. Public Storage has a one year low of $200.65 and a one year high of $277.60. The stock has a market capitalization of $36.10 billion, a PE ratio of 31.88 and a beta of 0.47.
Public Storage (NYSE:PSA) last released its earnings results on Wednesday, October 26th. The real estate investment trust reported $2.51 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $2.51. The firm earned $663.15 million during the quarter, compared to analysts’ expectations of $624.13 million. Public Storage had a return on equity of 26.05% and a net margin of 52.71%. The company’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.33 EPS. On average, equities analysts anticipate that Public Storage will post $9.64 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Wednesday, December 14th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date is Monday, December 12th. This is a boost from Public Storage’s previous quarterly dividend of $1.80. Public Storage’s dividend payout ratio is 110.43%.
A number of research analysts have recently weighed in on PSA shares. Argus reiterated a “buy” rating and set a $270.00 price target (down previously from $284.00) on shares of Public Storage in a report on Wednesday, November 16th. Jefferies Group lowered their price target on Public Storage from $270.00 to $245.00 and set a “hold” rating on the stock in a report on Wednesday, August 10th. Cantor Fitzgerald reiterated a “hold” rating on shares of Public Storage in a report on Friday, August 26th. Evercore ISI upgraded Public Storage from a “sell” rating to a “hold” rating and set a $228.00 price target on the stock in a report on Monday, August 22nd. Finally, Barclays PLC restated a “hold” rating and issued a $230.00 target price on shares of Public Storage in a research note on Tuesday, November 8th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $241.03.
In other news, insider John Reyes sold 60,000 shares of the firm’s stock in a transaction dated Thursday, November 10th. The stock was sold at an average price of $216.32, for a total value of $12,979,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Tamara Hughes Gustavson acquired 69,763 shares of the firm’s stock in a transaction dated Friday, November 11th. The stock was bought at an average price of $214.98 per share, with a total value of $14,997,649.74. Following the acquisition, the director now directly owns 16,396,449 shares in the company, valued at $3,524,908,606.02. The disclosure for this purchase can be found here. Company insiders own 14.20% of the company’s stock.
About Public Storage
Public Storage is a real estate investment trust. The Company’s 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.