JPMorgan Chase & Co. lowered its stake in Public Storage (NYSE:PSA) by 9.4% during the third quarter, Holdings Channel reports. The institutional investor owned 1,452,558 shares of the real estate investment trust’s stock after selling 150,370 shares during the period. JPMorgan Chase & Co.’s holdings in Public Storage were worth $324,123,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. US Bancorp DE boosted its stake in shares of Public Storage by 11.3% in the third quarter. US Bancorp DE now owns 36,384 shares of the real estate investment trust’s stock valued at $8,119,000 after buying an additional 3,695 shares in the last quarter. UBS Asset Management Americas Inc. boosted its stake in shares of Public Storage by 0.4% in the third quarter. UBS Asset Management Americas Inc. now owns 634,292 shares of the real estate investment trust’s stock valued at $141,537,000 after buying an additional 2,476 shares in the last quarter. Homrich & Berg boosted its stake in shares of Public Storage by 0.5% in the third quarter. Homrich & Berg now owns 1,993 shares of the real estate investment trust’s stock valued at $445,000 after buying an additional 9 shares in the last quarter. Delta Lloyd NV boosted its stake in shares of Public Storage by 8.0% in the third quarter. Delta Lloyd NV now owns 112,894 shares of the real estate investment trust’s stock valued at $25,191,000 after buying an additional 8,351 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its stake in shares of Public Storage by 0.4% in the third quarter. Retirement Systems of Alabama now owns 75,424 shares of the real estate investment trust’s stock valued at $16,830,000 after buying an additional 291 shares in the last quarter. 77.30% of the stock is owned by hedge funds and other institutional investors.
Shares of Public Storage (NYSE:PSA) opened at 209.49 on Tuesday. Public Storage has a 1-year low of $200.65 and a 1-year high of $277.60. The company has a market cap of $36.33 billion, a PE ratio of 32.09 and a beta of 0.47. The firm has a 50-day moving average price of $210.33 and a 200 day moving average price of $231.05.
Public Storage (NYSE:PSA) last issued its quarterly earnings data 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. 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 the consensus estimate of $624.13 million. During the same period last year, the company earned $2.33 earnings per share. The firm’s revenue was up 7.2% compared to the same quarter last year. On average, equities analysts anticipate that Public Storage will post $9.64 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Wednesday, December 14th will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.82%. This is an increase from Public Storage’s previous quarterly dividend of $1.80. The ex-dividend date of this dividend is Monday, December 12th. Public Storage’s dividend payout ratio (DPR) is 110.43%.
Several analysts have weighed in on the company. Argus reissued a “buy” rating and set a $270.00 price objective (down from $284.00) on shares of Public Storage in a report on Wednesday, November 16th. Barclays PLC reissued a “hold” rating and set a $230.00 price objective on shares of Public Storage in a report on Tuesday, November 8th. Goldman Sachs Group Inc. raised Public Storage from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $210.00 to $220.00 in a report on Monday, October 31st. Cantor Fitzgerald restated a “hold” rating on shares of Public Storage in a research report on Thursday, October 27th. Finally, FBR & Co decreased their target price on Public Storage from $250.00 to $225.00 and set a “market perform” rating for the company in a research report on Thursday, October 27th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $241.03.
In related news, insider John Reyes sold 60,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 10th. The stock was sold at an average price of $216.32, for a total transaction of $12,979,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Tamara Hughes Gustavson bought 69,763 shares of the firm’s stock in a transaction that occurred on Friday, November 11th. The shares were 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 directly owns 16,396,449 shares of the company’s stock, valued at $3,524,908,606.02. The disclosure for this purchase can be found here. 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.