United Capital Financial Advisers LLC Purchases 319 Shares of Public Storage (NYSE:PSA)

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United Capital Financial Advisers LLC lifted its position in Public Storage (NYSE:PSA) by 8.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,948 shares of the real estate investment trust’s stock after purchasing an additional 319 shares during the quarter. United Capital Financial Advisers LLC’s holdings in Public Storage were worth $940,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of PSA. Centersquare Investment Management LLC increased its holdings in shares of Public Storage by 98.4% in the first quarter. Centersquare Investment Management LLC now owns 913,756 shares of the real estate investment trust’s stock worth $198,998,000 after purchasing an additional 453,207 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Public Storage by 10.8% in the second quarter. JPMorgan Chase & Co. now owns 3,980,811 shares of the real estate investment trust’s stock worth $943,612,000 after purchasing an additional 388,950 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Public Storage by 18.8% in the second quarter. Daiwa Securities Group Inc. now owns 2,162,760 shares of the real estate investment trust’s stock worth $515,105,000 after purchasing an additional 341,718 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Public Storage by 53.1% in the second quarter. Russell Investments Group Ltd. now owns 691,634 shares of the real estate investment trust’s stock worth $164,439,000 after purchasing an additional 239,759 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of Public Storage by 30.7% in the second quarter. Janus Henderson Group PLC now owns 690,880 shares of the real estate investment trust’s stock worth $164,546,000 after purchasing an additional 162,209 shares during the last quarter. 80.85% of the stock is currently owned by hedge funds and other institutional investors.

In other Public Storage news, Chairman B Wayne Et Al Hughes sold 38,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $257.89, for a total transaction of $9,799,820.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 278,000 shares of company stock worth $72,725,820 over the last three months. 14.00% of the stock is currently owned by insiders.

Several equities research analysts have recently issued reports on PSA shares. Argus lifted their target price on Public Storage to $290.00 and gave the stock a “positive” rating in a report on Wednesday, August 28th. They noted that the move was a valuation call. SunTrust Banks lifted their target price on Public Storage from $215.00 to $233.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. Stifel Nicolaus started coverage on Public Storage in a report on Monday, August 19th. They issued a “buy” rating and a $285.00 target price on the stock. Robert W. Baird raised Public Storage from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $200.00 to $254.00 in a research note on Wednesday, August 21st. Finally, Citigroup boosted their price objective on Public Storage from $223.00 to $250.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $244.47.

NYSE PSA traded down $2.59 during trading hours on Friday, hitting $247.80. 1,122,628 shares of the company were exchanged, compared to its average volume of 903,020. The stock has a 50-day moving average price of $256.23 and a 200 day moving average price of $236.94. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.38. Public Storage has a 52 week low of $193.89 and a 52 week high of $266.76. The stock has a market cap of $43.73 billion, a PE ratio of 23.47, a price-to-earnings-growth ratio of 5.81 and a beta of 0.14.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.76 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.63 by ($0.87). Public Storage had a return on equity of 33.78% and a net margin of 60.77%. The company had revenue of $710.95 million for the quarter, compared to the consensus estimate of $702.70 million. During the same period in the previous year, the firm earned $2.57 earnings per share. The company’s revenue was up 3.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Public Storage will post 10.77 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Thursday, September 12th will be paid a dividend of $2.00 per share. The ex-dividend date is Wednesday, September 11th. This represents a $8.00 annualized dividend and a yield of 3.23%. Public Storage’s payout ratio is currently 75.76%.

Public Storage Company 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.

Further Reading: Market Perform

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

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