Cascade Investment Advisors Inc. decreased its holdings in shares of Public Storage (NYSE:PSA – Get Rating) by 3.5% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 6,203 shares of the real estate investment trust’s stock after selling 227 shares during the period. Public Storage makes up approximately 1.4% of Cascade Investment Advisors Inc.’s investment portfolio, making the stock its 7th largest holding. Cascade Investment Advisors Inc.’s holdings in Public Storage were worth $2,323,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the stock. AdvisorNet Financial Inc grew its holdings in shares of Public Storage by 2.7% during the 4th quarter. AdvisorNet Financial Inc now owns 1,113 shares of the real estate investment trust’s stock worth $417,000 after purchasing an additional 29 shares during the period. CX Institutional grew its holdings in shares of Public Storage by 7.8% during the 3rd quarter. CX Institutional now owns 426 shares of the real estate investment trust’s stock worth $127,000 after purchasing an additional 31 shares during the period. Kentucky Retirement Systems grew its holdings in shares of Public Storage by 0.4% during the 4th quarter. Kentucky Retirement Systems now owns 9,093 shares of the real estate investment trust’s stock worth $3,406,000 after purchasing an additional 34 shares during the period. Assetmark Inc. grew its holdings in shares of Public Storage by 1.6% during the 3rd quarter. Assetmark Inc. now owns 2,281 shares of the real estate investment trust’s stock worth $678,000 after purchasing an additional 35 shares during the period. Finally, HM Payson & Co. grew its holdings in shares of Public Storage by 10.0% during the 3rd quarter. HM Payson & Co. now owns 396 shares of the real estate investment trust’s stock worth $118,000 after purchasing an additional 36 shares during the period. 78.54% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have recently weighed in on PSA. The Goldman Sachs Group increased their price target on Public Storage from $398.00 to $440.00 and gave the stock a “neutral” rating in a report on Thursday, April 14th. StockNews.com raised Public Storage from a “hold” rating to a “buy” rating in a research note on Friday, May 6th. JPMorgan Chase & Co. increased their target price on Public Storage from $385.00 to $434.00 and gave the stock an “overweight” rating in a research note on Monday, April 4th. Truist Financial increased their target price on Public Storage from $353.00 to $380.00 in a research note on Tuesday, January 18th. Finally, Morgan Stanley increased their target price on Public Storage from $333.00 to $357.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Public Storage presently has an average rating of “Buy” and a consensus target price of $362.15.
Public Storage (NYSE:PSA – Get Rating) last issued its earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 earnings per share for the quarter, missing the consensus estimate of $3.59 by ($0.96). Public Storage had a return on equity of 38.01% and a net margin of 54.79%. The business had revenue of $749.27 million for the quarter, compared to analyst estimates of $985.58 million. During the same period last year, the business posted $2.82 EPS. Public Storage’s revenue was up 15.8% on a year-over-year basis. As a group, analysts predict that Public Storage will post 15.47 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend is Tuesday, June 14th. Public Storage’s dividend payout ratio (DPR) is presently 77.75%.
In other news, Director Rebecca L. Owen sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, March 15th. The stock was sold at an average price of $358.25, for a total transaction of $1,791,250.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 11.00% of the stock is currently owned by company insiders.
Public Storage Profile (Get Rating)
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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 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 239 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 September 30, 2020.
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