Public Storage (PSA) Position Reduced by Sarasin & Partners LLP

Sarasin & Partners LLP decreased its stake in Public Storage (NYSE:PSA) by 2.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,163 shares of the real estate investment trust’s stock after selling 1,263 shares during the quarter. Sarasin & Partners LLP’s holdings in Public Storage were worth $9,509,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in Public Storage by 1.9% in the 3rd quarter. BlackRock Inc. now owns 15,674,301 shares of the real estate investment trust’s stock valued at $3,160,411,000 after buying an additional 290,505 shares in the last quarter. FMR LLC boosted its stake in Public Storage by 19.9% in the second quarter. FMR LLC now owns 6,736,465 shares of the real estate investment trust’s stock worth $1,528,235,000 after purchasing an additional 1,116,634 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Public Storage by 0.8% in the third 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 purchasing an additional 18,311 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Public Storage by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,302,560 shares of the real estate investment trust’s stock worth $522,366,000 after purchasing an additional 35,097 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Public Storage by 3.3% in the second 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 purchasing an additional 50,027 shares in the last quarter. 81.25% of the stock is currently owned by institutional investors and hedge funds.

Shares of PSA opened at $208.00 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.06 and a debt-to-equity ratio of 0.29. Public Storage has a 12-month low of $180.48 and a 12-month high of $234.90. The firm has a market cap of $36.39 billion, a PE ratio of 20.33, a PEG ratio of 4.12 and a beta of 0.13.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Tuesday, October 30th. The real estate investment trust reported $1.85 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.85. Public Storage had a return on equity of 30.87% and a net margin of 55.38%. The business had revenue of $706.37 million for the quarter, compared to analyst estimates of $704.51 million. During the same quarter in the prior year, the firm posted $1.61 earnings per share. Research analysts anticipate that Public Storage will post 10.51 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 27th. Stockholders of record on Wednesday, December 12th will be paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend is Tuesday, December 11th. Public Storage’s dividend payout ratio (DPR) is presently 78.20%.

In other news, Director Gary E. Pruitt sold 5,000 shares of the company’s stock in a transaction on Wednesday, November 7th. The stock was sold at an average price of $203.35, for a total transaction of $1,016,750.00. Following the transaction, the director now owns 8,350 shares of the company’s stock, valued at $1,697,972.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ronald L. Havner, Jr. sold 100,000 shares of the company’s stock in a transaction on Thursday, August 30th. The shares were 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. Corporate insiders own 14.00% of the company’s stock.

A number of research firms have commented on PSA. Barclays reissued a “hold” rating and issued a $208.00 price objective on shares of Public Storage in a research note on Wednesday, August 8th. BMO Capital Markets reissued a “sell” rating and issued a $194.00 price objective on shares of Public Storage in a research note on Wednesday, August 1st. Zacks Investment Research raised Public Storage from a “sell” rating to a “hold” rating in a research note on Tuesday. Citigroup reduced their price objective on Public Storage from $235.00 to $202.00 and set a “hold” rating on the stock in a research note on Friday, October 5th. Finally, Goldman Sachs Group lowered Public Storage from a “neutral” rating to a “sell” rating in a research note on Wednesday, August 22nd. Six investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $205.54.

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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. 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.

Further Reading: How To Calculate Debt-to-Equity Ratio

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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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