Alliancebernstein L.P. cut its position in Public Storage (NYSE:PSA) by 1.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 343,099 shares of the real estate investment trust’s stock after selling 5,578 shares during the period. Alliancebernstein L.P. owned 0.20% of Public Storage worth $69,179,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Campbell & CO Investment Adviser LLC bought a new stake in shares of Public Storage during the third quarter worth approximately $358,000. Norinchukin Bank The increased its stake in Public Storage by 12.3% in the third quarter. Norinchukin Bank The now owns 20,363 shares of the real estate investment trust’s stock valued at $4,106,000 after purchasing an additional 2,223 shares in the last quarter. Tobam increased its stake in Public Storage by 7.4% in the third quarter. Tobam now owns 211,187 shares of the real estate investment trust’s stock valued at $42,582,000 after purchasing an additional 14,502 shares in the last quarter. Redpoint Investment Management Pty Ltd increased its stake in Public Storage by 76.7% in the third quarter. Redpoint Investment Management Pty Ltd now owns 22,671 shares of the real estate investment trust’s stock valued at $4,571,000 after purchasing an additional 9,838 shares in the last quarter. Finally, MML Investors Services LLC increased its stake in Public Storage by 38.1% in the third quarter. MML Investors Services LLC now owns 10,441 shares of the real estate investment trust’s stock valued at $2,105,000 after purchasing an additional 2,880 shares in the last quarter. Hedge funds and other institutional investors own 81.25% of the company’s stock.
PSA has been the subject of several recent analyst reports. BMO Capital Markets reaffirmed a “sell” rating and issued a $194.00 target price on shares of Public Storage in a research note on Wednesday, August 1st. Barclays reaffirmed a “hold” rating and issued a $208.00 target price on shares of Public Storage in a research note on Wednesday, August 8th. Goldman Sachs Group downgraded shares of Public Storage from a “neutral” rating to a “sell” rating in a research note on Wednesday, August 22nd. Citigroup lowered their target price on shares of Public Storage from $235.00 to $202.00 and set a “hold” rating for the company in a research note on Friday, October 5th. Finally, Zacks Investment Research downgraded shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Wednesday, November 14th. Six research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $205.54.
Public Storage stock opened at $207.66 on Monday. The company has a market capitalization of $36.21 billion, a PE ratio of 20.30, a P/E/G ratio of 4.10 and a beta of 0.13. Public Storage has a twelve month low of $180.48 and a twelve month high of $234.90. The company has a quick ratio of 1.06, a current ratio of 1.05 and a debt-to-equity ratio of 0.29.
Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, October 30th. The real estate investment trust reported $1.85 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.85. The company had revenue of $706.37 million during the quarter, compared to analysts’ expectations of $704.51 million. Public Storage had a net margin of 55.38% and a return on equity of 30.87%. During the same quarter in the prior year, the company earned $1.61 earnings per share. As a group, equities research analysts predict that Public Storage will post 10.51 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 27th. Stockholders of record on Wednesday, December 12th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.85%. The ex-dividend date is Tuesday, December 11th. Public Storage’s dividend payout ratio (DPR) is presently 78.20%.
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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.
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