Glassman Wealth Services Makes New Investment in Public Storage (NYSE:PSA)

Glassman Wealth Services bought a new stake in shares of Public Storage (NYSE:PSA) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 458 shares of the real estate investment trust’s stock, valued at approximately $100,000.

Several other large investors also recently added to or reduced their stakes in the company. Sage Capital Advisors llc acquired a new stake in Public Storage during the fourth quarter worth approximately $29,000. Liberty Wealth Management LLC acquired a new stake in Public Storage in the fourth quarter valued at approximately $37,000. Cornerstone Advisors Inc. grew its stake in Public Storage by 42.3% in the first quarter. Cornerstone Advisors Inc. now owns 202 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 60 shares during the period. CNB Bank acquired a new stake in Public Storage in the fourth quarter valued at approximately $42,000. Finally, Truvestments Capital LLC acquired a new stake in Public Storage in the first quarter valued at approximately $48,000. Hedge funds and other institutional investors own 80.47% of the company’s stock.

A number of research analysts have recently weighed in on PSA shares. Bank of America set a $230.00 target price on Public Storage and gave the company a “hold” rating in a report on Friday, March 1st. ValuEngine upgraded Public Storage from a “hold” rating to a “buy” rating in a report on Thursday, May 23rd. Jefferies Financial Group upgraded Public Storage from an “underperform” rating to a “hold” rating and lifted their price target for the stock from $181.00 to $201.00 in a report on Tuesday, April 9th. Barclays reiterated a “hold” rating and set a $215.00 price target on shares of Public Storage in a report on Thursday, March 7th. Finally, KeyCorp upgraded Public Storage from an “underweight” rating to a “sector weight” rating and set a $243.72 price target on the stock in a report on Tuesday, June 11th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. Public Storage currently has a consensus rating of “Hold” and a consensus price target of $218.22.

Public Storage stock traded down $4.30 during midday trading on Wednesday, hitting $234.12. 772,900 shares of the company’s stock were exchanged, compared to its average volume of 841,925. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. The stock’s 50-day moving average price is $236.13. Public Storage has a 52-week low of $193.89 and a 52-week high of $247.63. The firm has a market capitalization of $41.61 billion, a P/E ratio of 22.17, a P/E/G ratio of 5.59 and a beta of 0.18.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, May 1st. The real estate investment trust reported $1.73 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.52 by ($0.79). Public Storage had a return on equity of 34.73% and a net margin of 62.54%. The firm had revenue of $689.00 million for the quarter, compared to the consensus estimate of $685.75 million. During the same period last year, the firm earned $2.48 EPS. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. As a group, research analysts expect that Public Storage will post 10.72 earnings per share for the current 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 given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date is Tuesday, June 11th. Public Storage’s payout ratio is 75.76%.

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

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