Marathon Capital Management purchased a new position in shares of Public Storage (NYSE:PSA) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,050 shares of the real estate investment trust’s stock, valued at approximately $368,000.
A number of other large investors have also made changes to their positions in PSA. Israel Discount Bank of New York purchased a new position in shares of Public Storage during the 1st quarter valued at $100,000. Bessemer Group Inc. purchased a new stake in Public Storage during the 2nd quarter worth about $105,000. CENTRAL TRUST Co lifted its holdings in Public Storage by 41.3% during the 2nd quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock worth $121,000 after purchasing an additional 169 shares in the last quarter. Guardian Life Insurance Co. of America lifted its holdings in Public Storage by 0.9% during the 1st quarter. Guardian Life Insurance Co. of America now owns 576 shares of the real estate investment trust’s stock worth $126,000 after purchasing an additional 5 shares in the last quarter. Finally, Sandy Spring Bank lifted its holdings in Public Storage by 4.1% during the 1st quarter. Sandy Spring Bank now owns 640 shares of the real estate investment trust’s stock worth $140,000 after purchasing an additional 25 shares in the last quarter. Hedge funds and other institutional investors own 80.22% of the company’s stock.
Shares of Public Storage (NYSE PSA) traded down 0.261% during mid-day trading on Friday, hitting $212.005. The company had a trading volume of 327,682 shares. Public Storage has a 1-year low of $192.15 and a 1-year high of $232.21. The company has a 50-day moving average price of $204.09 and a 200-day moving average price of $212.87. The company has a market capitalization of $36.89 billion, a price-to-earnings ratio of 30.243 and a beta of 0.42.
Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 EPS for the quarter, missing the consensus estimate of $2.54 by ($0.95). The business had revenue of $624.20 million during the quarter, compared to analyst estimates of $626.27 million. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.40 earnings per share. On average, equities analysts anticipate that Public Storage will post $7.22 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date is Tuesday, September 12th. Public Storage’s dividend payout ratio is currently 113.96%.
PSA has been the topic of several recent research reports. Evercore ISI restated an “underperform” rating and set a $204.00 price target (up from $197.00) on shares of Public Storage in a research report on Thursday. Jefferies Group LLC set a $210.00 target price on Public Storage and gave the company a “hold” rating in a research note on Thursday, August 17th. Bank of America Corporation lowered their target price on Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a research note on Thursday, July 20th. Zacks Investment Research upgraded Public Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Finally, BidaskClub upgraded Public Storage from a “strong sell” rating to a “sell” rating in a research note on Friday, June 16th. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $214.91.
In related news, Director Ronald P. Spogli purchased 2,000 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were bought at an average price of $200.59 per share, with a total value of $401,180.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 14.42% of the company’s stock.
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About Public Storage
Public Storage is a real estate investment trust (REIT). The Company’s principal 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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