Public Storage (PSA) Stake Boosted by Covington Capital Management
Covington Capital Management lifted its stake in Public Storage (NYSE:PSA) by 11.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,960 shares of the real estate investment trust’s stock after purchasing an additional 937 shares during the quarter. Covington Capital Management’s holdings in Public Storage were worth $1,868,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Public Storage by 3.4% in the 2nd quarter. Vanguard Group Inc. now owns 22,057,097 shares of the real estate investment trust’s stock worth $4,599,567,000 after purchasing an additional 727,573 shares during the last quarter. BlackRock Inc. raised its position in shares of Public Storage by 3.5% in the 2nd quarter. BlackRock Inc. now owns 14,657,306 shares of the real estate investment trust’s stock worth $3,056,489,000 after purchasing an additional 489,998 shares during the last quarter. APG Asset Management US Inc. raised its position in shares of Public Storage by 3.3% in the 2nd quarter. APG Asset Management US Inc. now owns 4,212,811 shares of the real estate investment trust’s stock worth $878,497,000 after purchasing an additional 136,388 shares during the last quarter. Capital World Investors raised its position in shares of Public Storage by 93.3% in the 2nd quarter. Capital World Investors now owns 4,036,000 shares of the real estate investment trust’s stock worth $841,627,000 after purchasing an additional 1,948,000 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Public Storage by 20.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,161,559 shares of the real estate investment trust’s stock worth $659,280,000 after purchasing an additional 537,289 shares during the last quarter. 80.15% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Ronald P. Spogli acquired 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The shares were purchased at an average price of $200.59 per share, for a total transaction of $401,180.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 14.42% of the stock is owned by insiders.
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PSA has been the subject of a number of recent analyst reports. Zacks Investment Research raised Public Storage from a “sell” rating to a “hold” rating in a research report on Friday, September 15th. Evercore ISI reissued an “underperform” rating and issued a $204.00 target price (up previously from $197.00) on shares of Public Storage in a research report on Thursday, September 14th. KeyCorp reissued a “sell” rating and issued a $184.00 target price on shares of Public Storage in a research report on Wednesday, September 13th. BMO Capital Markets initiated coverage on Public Storage in a research report on Monday, September 11th. They issued an “underperform” rating and a $193.00 target price for the company. Finally, Jefferies Group LLC set a $210.00 target price on Public Storage and gave the stock a “hold” rating in a research report on Thursday, August 17th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $214.91.
Public Storage (NYSE:PSA) last posted its 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 net margin of 53.35% and a return on equity of 27.80%. The business had revenue of $624.20 million during the quarter, compared to analysts’ expectations of $626.27 million. During the same quarter in the prior year, the firm earned $2.40 EPS. Public Storage’s revenue for the quarter was up 5.0% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th were given a $2.00 dividend. The ex-dividend date was Tuesday, September 12th. This represents a $8.00 dividend on an annualized basis and a yield of 3.69%. Public Storage’s dividend payout ratio is currently 113.96%.
Public Storage Profile
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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