Public Storage (PSA) Position Lessened by Penserra Capital Management LLC
Penserra Capital Management LLC lowered its position in shares of Public Storage (NYSE:PSA) by 16.5% in the first quarter, HoldingsChannel reports. The firm owned 5,678 shares of the real estate investment trust’s stock after selling 1,124 shares during the period. Penserra Capital Management LLC’s holdings in Public Storage were worth $1,255,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Sage Capital Advisors llc acquired a new stake in shares of Public Storage during the 4th quarter worth about $29,000. Oregon Public Employees Retirement Fund increased its position in shares of Public Storage by 18,823.9% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 7,180,090 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 7,142,148 shares in the last quarter. Liberty Wealth Management LLC acquired a new stake in Public Storage in the 4th quarter valued at about $37,000. CNB Bank acquired a new stake in Public Storage in the 4th quarter valued at about $42,000. Finally, Cornerstone Advisors Inc. increased its position in Public Storage by 42.3% in the 1st quarter. Cornerstone Advisors Inc. now owns 202 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 60 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.
PSA has been the subject of several research reports. Argus raised their price objective on shares of Public Storage to $240.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. ValuEngine upgraded shares of Public Storage from a “hold” rating to a “buy” rating in a research report on Thursday. Jefferies Financial Group upgraded shares of Public Storage from an “underperform” rating to a “hold” rating and raised their price objective for the company from $181.00 to $201.00 in a research report on Tuesday, April 9th. Barclays restated a “hold” rating and issued a $215.00 price objective on shares of Public Storage in a research report on Thursday, March 7th. Finally, Bank of America set a $230.00 price objective on shares of Public Storage and gave the company a “hold” rating in a research report on Friday, March 1st. Five equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $211.88.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Wednesday, May 1st. The real estate investment trust reported $1.73 earnings per share for the quarter, missing the consensus estimate of $2.52 by ($0.79). The company had revenue of $689.00 million during the quarter, compared to analyst estimates of $685.75 million. Public Storage had a net margin of 62.54% and a return on equity of 34.73%. The company’s revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.48 EPS. As a group, equities research analysts forecast that Public Storage will post 10.7 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.41%. The ex-dividend date is Tuesday, June 11th. Public Storage’s dividend payout ratio (DPR) is presently 75.76%.
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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. At March 31, 2019, we had: (i) interests in 2,444 self-storage facilities located in 38 states with approximately 164 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 231 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at March 31, 2019.
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