Mitsubishi UFJ Trust & Banking Corp Has $70.65 Million Stake in Public Storage (PSA)
Mitsubishi UFJ Trust & Banking Corp raised its position in Public Storage (NYSE:PSA) by 2.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 338,793 shares of the real estate investment trust’s stock after buying an additional 8,482 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.19% of Public Storage worth $70,649,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in PSA. Great West Life Assurance Co. Can raised its position in shares of Public Storage by 1.8% in the first quarter. Great West Life Assurance Co. Can now owns 305,580 shares of the real estate investment trust’s stock worth $66,856,000 after buying an additional 5,405 shares during the last quarter. Kornitzer Capital Management Inc. KS increased its stake in shares of Public Storage by 25.0% in the first quarter. Kornitzer Capital Management Inc. KS now owns 1,250 shares of the real estate investment trust’s stock worth $274,000 after buying an additional 250 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Public Storage by 2.6% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 49,133 shares of the real estate investment trust’s stock worth $10,756,000 after buying an additional 1,247 shares during the period. Advisory Services Network LLC purchased a new stake in shares of Public Storage during the first quarter worth $414,000. Finally, Advisor Partners LLC increased its stake in shares of Public Storage by 8.3% in the first quarter. Advisor Partners LLC now owns 2,745 shares of the real estate investment trust’s stock worth $601,000 after buying an additional 211 shares during the period. Hedge funds and other institutional investors own 80.21% of the company’s stock.
Public Storage (PSA) opened at 203.87 on Monday. The stock’s 50 day moving average is $203.47 and its 200 day moving average is $214.06. Public Storage has a 1-year low of $192.15 and a 1-year high of $232.21. The company has a market cap of $35.47 billion, a P/E ratio of 29.08 and a beta of 0.41.
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 Zacks’ consensus estimate of $2.54 by $0.95. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The company had revenue of $624.20 million during the quarter, compared to analysts’ expectations of $626.27 million. During the same period in the prior year, the firm earned $2.40 EPS. Public Storage’s quarterly revenue was up 5.0% on a year-over-year basis. Equities analysts anticipate that Public Storage will post $7.09 earnings per share for the current fiscal 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 $2.00 dividend. The ex-dividend date is Tuesday, September 12th. This represents a $8.00 dividend on an annualized basis and a yield of 3.92%. Public Storage’s dividend payout ratio is presently 113.96%.
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A number of analysts have recently weighed in on PSA shares. Argus cut their price target on shares of Public Storage from $260.00 to $250.00 and set a “buy” rating for the company in a report on Tuesday, August 1st. Barclays PLC cut their price target on shares of Public Storage from $216.00 to $209.00 and set an “equal weight” rating for the company in a report on Tuesday, July 18th. Zacks Investment Research raised shares of Public Storage from a “sell” rating to a “hold” rating in a report on Monday, July 17th. Jefferies Group LLC reaffirmed a “hold” rating and set a $222.00 price target on shares of Public Storage in a report on Friday, July 14th. Finally, Bank of America Corporation cut their price target on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a report on Thursday, July 20th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $219.80.
In other Public Storage news, Director Ronald P. Spogli acquired 2,000 shares of the stock in a transaction dated Thursday, August 3rd. The stock was purchased at an average cost of $200.59 per share, for a total transaction of $401,180.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John Reyes sold 60,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $207.11, for a total transaction of $12,426,600.00. The disclosure for this sale can be found here. Insiders own 14.42% of the company’s stock.
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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