Today: Today: Neuberger Berman Group LLC cuts its investment of stake in Public Storage (PSA)

Today: Neuberger Berman Group LLC cuts its investment of stake in Public Storage (PSA)

Neuberger Berman Group LLC cut its stake in Public Storage (NYSE:PSA) by 29.2% during the third quarter, Holdings Channel reports. The firm owned 377,314 shares of the real estate investment trust’s stock after selling 155,264 shares during the period. Neuberger Berman Group LLC owned about 0.22% of Public Storage worth $84,194,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Washington Trust Bank raised its stake 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. Merriman Wealth Management LLC bought a new stake in shares of Public Storage during the second quarter worth $268,000. DNB Asset Management AS raised its stake in shares of Public Storage by 2.5% in the second quarter. DNB Asset Management AS now owns 12,189 shares of the real estate investment trust’s stock worth $3,115,000 after buying an additional 300 shares in the last quarter. Exxonmobil Investment Management Inc. TX raised its stake in shares of Public Storage by 6.4% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 38,148 shares of the real estate investment trust’s stock worth $9,750,000 after buying an additional 2,289 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. raised its stake in shares of Public Storage by 1.3% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 125,934 shares of the real estate investment trust’s stock worth $32,187,000 after buying an additional 1,627 shares in the last quarter. Hedge funds and other institutional investors own 77.30% of the company’s stock.

Shares of Public Storage (NYSE:PSA) traded up 1.89% on Monday, hitting $209.61. 627,793 shares of the stock traded hands. The firm’s 50 day moving average is $210.41 and its 200 day moving average is $231.89. Public Storage has a 52 week low of $200.65 and a 52 week high of $277.60. The firm has a market capitalization of $36.35 billion, a PE ratio of 32.10 and a beta of 0.47.

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

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Investors of record on Wednesday, December 14th will be paid a dividend of $2.00 per share. This is a positive change from Public Storage’s previous quarterly dividend of $1.80. The ex-dividend date is Monday, December 12th. This represents a $8.00 annualized dividend and a yield of 3.89%. Public Storage’s dividend payout ratio (DPR) is presently 110.43%.

Several research firms recently commented on PSA. KeyCorp cut their target price on shares of Public Storage from $220.00 to $205.00 and set an “underweight” rating for the company in a research note on Monday, September 12th. Cantor Fitzgerald reissued a “hold” rating on shares of Public Storage in a research note on Thursday, October 27th. Zacks Investment Research lowered shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Tuesday, September 27th. Jefferies Group cut their target price on shares of Public Storage from $270.00 to $245.00 and set a “hold” rating for the company in a research note on Wednesday, August 10th. Finally, Barclays PLC reissued a “hold” rating and set 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 given a hold rating and two have given a buy rating to the stock. Public Storage has a consensus rating of “Hold” and an average price target of $241.03.

In related news, Director Tamara Hughes Gustavson purchased 69,763 shares of the business’s stock in a transaction on Friday, November 11th. The shares were purchased at an average price of $214.98 per share, with a total value of $14,997,649.74. Following the completion of the purchase, the director now owns 16,396,449 shares in the company, valued at approximately $3,524,908,606.02. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John Reyes sold 30,000 shares of Public Storage stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $215.41, for a total transaction of $6,462,300.00. The disclosure for this sale can be found here. Corporate insiders own 14.20% of the company’s stock.

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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