SummitTX Capital L.P. Purchases Shares of 12,710 Public Storage $PSA

SummitTX Capital L.P. purchased a new position in shares of Public Storage (NYSE:PSA) in the first quarter, according to its most recent filing with the SEC. The firm purchased 12,710 shares of the real estate investment trust’s stock, valued at approximately $3,443,000.

Other hedge funds have also recently made changes to their positions in the company. Empowered Funds LLC increased its holdings in Public Storage by 13.3% in the first quarter. Empowered Funds LLC now owns 3,186 shares of the real estate investment trust’s stock worth $954,000 after purchasing an additional 373 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Public Storage during the 2nd quarter worth approximately $929,000. Nebula Research & Development LLC bought a new stake in shares of Public Storage in the 2nd quarter valued at $1,113,000. Treasurer of the State of North Carolina increased its stake in shares of Public Storage by 1.9% in the 2nd quarter. Treasurer of the State of North Carolina now owns 73,774 shares of the real estate investment trust’s stock valued at $21,647,000 after acquiring an additional 1,390 shares in the last quarter. Finally, Ieq Capital LLC lifted its position in shares of Public Storage by 219.8% during the 2nd quarter. Ieq Capital LLC now owns 48,190 shares of the real estate investment trust’s stock valued at $14,140,000 after acquiring an additional 33,122 shares during the period. 78.79% of the stock is owned by institutional investors.

Public Storage Trading Up 0.5%

PSA opened at $324.19 on Tuesday. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.56 and a quick ratio of 0.56. Public Storage has a fifty-two week low of $256.54 and a fifty-two week high of $331.79. The firm has a market capitalization of $56.91 billion, a PE ratio of 33.46, a P/E/G ratio of 4.34 and a beta of 0.96. The company’s 50-day moving average is $315.91 and its 200 day moving average is $300.52.

Public Storage (NYSE:PSA) last announced its earnings results on Monday, April 27th. The real estate investment trust reported $2.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.42 by $0.29. Public Storage had a return on equity of 37.78% and a net margin of 39.16%.The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the firm earned $4.12 earnings per share. Public Storage’s quarterly revenue was down .1% on a year-over-year basis. As a group, research analysts predict that Public Storage will post 16.94 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Monday, June 15th. Public Storage’s payout ratio is currently 123.84%.

Analysts Set New Price Targets

Several research firms have weighed in on PSA. Raymond James Financial assumed coverage on shares of Public Storage in a research note on Thursday, July 16th. They issued a “market perform” rating for the company. Wall Street Zen raised Public Storage from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Royal Bank Of Canada increased their price target on Public Storage from $301.00 to $305.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 29th. Barclays reissued an “equal weight” rating and issued a $349.00 price objective on shares of Public Storage in a research note on Friday, July 10th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $341.00 price objective on shares of Public Storage in a report on Wednesday, April 29th. Seven investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $325.37.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 950 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $324.81, for a total value of $308,569.50. Following the completion of the sale, the insider owned 1,414 shares in the company, valued at $459,281.34. This represents a 40.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 11.10% of the stock is currently owned by insiders.

Public Storage Company Profile

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.