Today: Amica Mutual Insurance Co. Reduces Stake in Public Storage (PSA)

Today: Amica Mutual Insurance Co. Reduces Stake in Public Storage (PSA)

Amica Mutual Insurance Co. lowered its position in Public Storage (NYSE:PSA) by 17.5% during the third quarter, Holdings Channel reports. The firm owned 14,133 shares of the real estate investment trust’s stock after selling 3,000 shares during the period. Amica Mutual Insurance Co.’s holdings in Public Storage were worth $3,154,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. WFG Advisors LP raised its position in 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 during the period. Blue Chip Partners Inc. raised its position in Public Storage by 0.7% in the second quarter. Blue Chip Partners Inc. now owns 596 shares of the real estate investment trust’s stock worth $152,000 after buying an additional 4 shares during the period. Quadrant Capital Group LLC raised its position in 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 during the period. Alpha Windward LLC raised its position in Public Storage by 0.7% in the third quarter. Alpha Windward LLC now owns 844 shares of the real estate investment trust’s stock worth $188,000 after buying an additional 6 shares during the period. Finally, Homrich & Berg raised its position in Public Storage by 0.5% in the third quarter. Homrich & Berg now owns 1,993 shares of the real estate investment trust’s stock worth $445,000 after buying an additional 9 shares during the period. Institutional investors and hedge funds own 77.30% of the company’s stock.

Shares of Public Storage (NYSE:PSA) traded up 2.20% on Monday, reaching $210.25. 146,956 shares of the company traded hands. Public Storage has a 52-week low of $200.65 and a 52-week high of $277.60. The company has a market capitalization of $36.47 billion, a PE ratio of 32.20 and a beta of 0.47. The firm has a 50-day moving average of $210.41 and a 200-day moving average of $231.89.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, October 26th. The real estate investment trust reported $2.51 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $2.51. Public Storage had a return on equity of 26.05% and a net margin of 52.71%. The company earned $663.15 million during the quarter, compared to analysts’ expectations of $624.13 million. During the same quarter in the prior year, the business posted $2.33 earnings per share. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, equities research analysts forecast that Public Storage will post $9.64 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Wednesday, December 14th will be paid a $2.00 dividend. This is a boost from Public Storage’s previous quarterly dividend of $1.80. The ex-dividend date of this dividend is Monday, December 12th. This represents a $8.00 annualized dividend and a dividend yield of 3.89%. Public Storage’s dividend payout ratio is presently 110.43%.

A number of research firms recently weighed in on PSA. Argus reiterated a “buy” rating and issued a $270.00 price objective (down from $284.00) on shares of Public Storage in a research report on Wednesday, November 16th. Goldman Sachs Group Inc. upgraded shares of Public Storage from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $210.00 to $220.00 in a research report on Monday, October 31st. Barclays PLC reiterated a “hold” rating and issued a $230.00 price objective on shares of Public Storage in a research report on Tuesday, November 8th. Cantor Fitzgerald reiterated a “hold” rating on shares of Public Storage in a research report on Thursday, October 27th. Finally, FBR & Co reduced their target price on Public Storage from $250.00 to $225.00 and set a “market perform” rating for the company in a report on Thursday, October 27th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $241.03.

In other news, insider John Reyes sold 60,000 shares of the stock in a transaction on Thursday, November 10th. The stock was sold at an average price of $216.32, for a total value of $12,979,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Tamara Hughes Gustavson purchased 69,763 shares of the firm’s stock in a transaction dated Friday, November 11th. The stock was acquired at an average cost of $214.98 per share, with a total value of $14,997,649.74. Following the purchase, the director now owns 16,396,449 shares of the company’s stock, valued at approximately $3,524,908,606.02. The disclosure for this purchase can be found here. 14.20% of the stock is owned by insiders.

Public Storage Company Profile

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.

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