Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in shares of Public Storage (NYSE:PSA) by 21.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 48,225 shares of the real estate investment trust’s stock after buying an additional 8,617 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Public Storage were worth $10,502,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in Public Storage by 4.0% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 52,566 shares of the real estate investment trust’s stock valued at $11,448,000 after acquiring an additional 2,004 shares during the period. Daiwa Securities Group Inc. lifted its stake in shares of Public Storage by 190.7% in the first quarter. Daiwa Securities Group Inc. now owns 1,821,042 shares of the real estate investment trust’s stock valued at $396,586,000 after buying an additional 1,194,522 shares during the period. World Asset Management Inc lifted its stake in shares of Public Storage by 2.8% in the first quarter. World Asset Management Inc now owns 12,442 shares of the real estate investment trust’s stock valued at $2,710,000 after buying an additional 334 shares during the period. Glenview State Bank Trust DEPT. bought a new stake in shares of Public Storage in the first quarter valued at about $208,000. Finally, Bank of Montreal Can lifted its stake in shares of Public Storage by 10.2% in the first quarter. Bank of Montreal Can now owns 180,260 shares of the real estate investment trust’s stock valued at $39,257,000 after buying an additional 16,701 shares during the period. 81.14% of the stock is currently owned by hedge funds and other institutional investors.
PSA has been the subject of several research reports. Bank of America set a $230.00 target price on shares of Public Storage and gave the company a “hold” rating in a research note on Friday, March 1st. Barclays reiterated a “hold” rating and issued a $215.00 target price on shares of Public Storage in a research note on Thursday, March 7th. Zacks Investment Research upgraded shares of Public Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, February 12th. Jefferies Financial Group upgraded shares of Public Storage from an “underperform” rating to a “hold” rating and increased their target price for the company from $181.00 to $201.00 in a research note on Tuesday, April 9th. Finally, Argus increased their target price on shares of Public Storage to $240.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. Five investment analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $211.88.
PSA traded up $0.83 during midday trading on Wednesday, reaching $231.76. 329,560 shares of the company’s stock were exchanged, compared to its average volume of 863,491. The stock has a market cap of $40.50 billion, a price-to-earnings ratio of 21.95, a P/E/G ratio of 5.37 and a beta of 0.26. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.28. Public Storage has a one year low of $193.89 and a one year high of $234.90.
Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, May 1st. The real estate investment trust reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.52 by ($0.79). The business had revenue of $689.00 million for the quarter, compared to the consensus estimate of $685.75 million. Public Storage had a return on equity of 34.73% and a net margin of 62.54%. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.48 EPS. Equities research analysts expect that Public Storage will post 10.7 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend is Tuesday, June 11th. Public Storage’s dividend payout ratio is 75.76%.
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Public Storage Company 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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