Unigestion Holding SA raised its position in shares of Public Storage (NYSE:PSA) by 3,354.4% in the third quarter, according to its most recent filing with the SEC. The firm owned 120,903 shares of the real estate investment trust’s stock after purchasing an additional 117,403 shares during the quarter. Unigestion Holding SA’s holdings in Public Storage were worth $24,378,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in PSA. BlackRock Inc. grew its position in shares of Public Storage by 1.5% during the 2nd quarter. BlackRock Inc. now owns 15,383,796 shares of the real estate investment trust’s stock worth $3,489,967,000 after buying an additional 226,669 shares during the period. FMR LLC grew its position in shares of Public Storage by 19.9% during the 2nd quarter. FMR LLC now owns 6,736,465 shares of the real estate investment trust’s stock worth $1,528,235,000 after buying an additional 1,116,634 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Public Storage by 0.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,350,116 shares of the real estate investment trust’s stock worth $473,854,000 after buying an additional 18,311 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Public Storage by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,302,560 shares of the real estate investment trust’s stock worth $522,366,000 after buying an additional 35,097 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Public Storage by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,579,391 shares of the real estate investment trust’s stock worth $358,300,000 after buying an additional 50,027 shares during the period. 81.51% of the stock is owned by institutional investors and hedge funds.
In related news, Director Gary E. Pruitt sold 5,000 shares of the stock in a transaction on Wednesday, November 7th. The stock was sold at an average price of $203.35, for a total value of $1,016,750.00. Following the transaction, the director now directly owns 8,350 shares in the company, valued at approximately $1,697,972.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ronald L. Havner, Jr. sold 100,000 shares of the stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $211.54, for a total value of $21,154,000.00. The disclosure for this sale can be found here. 14.00% of the stock is owned by company insiders.
Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, October 30th. The real estate investment trust reported $1.85 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.85. Public Storage had a return on equity of 30.87% and a net margin of 55.38%. The company had revenue of $706.37 million for the quarter, compared to analysts’ expectations of $704.51 million. During the same period last year, the business earned $1.61 EPS. As a group, sell-side analysts forecast that Public Storage will post 10.51 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 27th. Investors of record on Wednesday, December 12th will be issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.89%. The ex-dividend date is Tuesday, December 11th. Public Storage’s dividend payout ratio is currently 78.20%.
Several brokerages have recently commented on PSA. Barclays reaffirmed a “hold” rating and set a $208.00 price objective on shares of Public Storage in a research report on Wednesday, August 8th. Citigroup raised their price objective on shares of Public Storage from $200.00 to $235.00 and gave the stock a “neutral” rating in a research report on Thursday, July 12th. BMO Capital Markets reaffirmed a “sell” rating and set a $194.00 price objective on shares of Public Storage in a research report on Wednesday, August 1st. Argus raised their price objective on shares of Public Storage to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, July 17th. Finally, Evercore ISI downgraded shares of Public Storage from an “in-line” rating to an “underperform” rating and set a $217.00 price objective for the company. in a research report on Monday, July 16th. They noted that the move was a valuation call. Seven investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $205.54.
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About Public Storage
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 June 30, 2018, we had interests in 2,402 self-storage facilities located in 38 states with approximately 160 million net rentable square feet in the United States and 228 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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