Bahl & Gaynor Inc. Reduces Position in Public Storage (PSA)
Bahl & Gaynor Inc. decreased its holdings in Public Storage (NYSE:PSA) by 97.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,549 shares of the real estate investment trust’s stock after selling 181,818 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Public Storage were worth $1,112,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Silvant Capital Management LLC purchased a new position in shares of Public Storage in the first quarter worth approximately $101,000. Tower Research Capital LLC TRC lifted its holdings in Public Storage by 841.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 527 shares of the real estate investment trust’s stock valued at $110,000 after purchasing an additional 471 shares in the last quarter. NuWave Investment Management LLC lifted its holdings in Public Storage by 1,693.9% during the first quarter. NuWave Investment Management LLC now owns 592 shares of the real estate investment trust’s stock valued at $119,000 after purchasing an additional 559 shares in the last quarter. Truewealth LLC purchased a new position in Public Storage during the fourth quarter valued at approximately $127,000. Finally, Signaturefd LLC purchased a new position in Public Storage during the first quarter valued at approximately $132,000. 81.48% of the stock is currently owned by institutional investors.
Several equities analysts have weighed in on the stock. ValuEngine raised shares of Public Storage from a “sell” rating to a “hold” rating in a report on Tuesday. Cantor Fitzgerald set a $213.00 price target on shares of Public Storage and gave the company a “hold” rating in a report on Monday, March 12th. Jefferies Group set a $199.00 price target on shares of Public Storage and gave the company a “hold” rating in a report on Monday, March 5th. Barclays reaffirmed a “hold” rating and set a $203.00 price target on shares of Public Storage in a report on Tuesday, April 17th. Finally, Citigroup lowered their price target on shares of Public Storage from $220.00 to $200.00 and set a “neutral” rating on the stock in a report on Thursday, March 1st. Seven analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the company’s stock. Public Storage has an average rating of “Hold” and an average price target of $204.60.
Public Storage (NYSE:PSA) last released its quarterly earnings data on Wednesday, April 25th. The real estate investment trust reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.67 by ($0.02). The company had revenue of $669.90 million for the quarter, compared to the consensus estimate of $598.28 million. Public Storage had a net margin of 50.72% and a return on equity of 27.68%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.37 EPS. sell-side analysts expect that Public Storage will post 10.55 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 28th. Stockholders of record on Wednesday, June 13th will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.78%. The ex-dividend date of this dividend is Tuesday, June 12th. Public Storage’s payout ratio is currently 78.20%.
In other news, SVP Lily Yan Hughes sold 443 shares of Public Storage stock in a transaction that occurred on Thursday, March 15th. The shares were sold at an average price of $194.53, for a total transaction of $86,176.79. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 14.00% of the company’s stock.
Public Storage 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. The Company's headquarters are located in Glendale, California. At March 31, 2018, we had interests in 2,392 self-storage facilities located in 38 states with approximately 159 million net rentable square feet in the United States and 223 storage facilities located in seven Western European nations with approximately 12 million net rentable square feet operated under the ?Shurgard? brand.
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