Wells Fargo & Company MN increased its stake in shares of Public Storage (NYSE:PSA) by 12.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 700,479 shares of the real estate investment trust’s stock after buying an additional 80,252 shares during the quarter. Wells Fargo & Company MN owned about 0.40% of Public Storage worth $140,369,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC grew its holdings in shares of Public Storage by 841.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 527 shares of the real estate investment trust’s stock worth $110,000 after buying an additional 471 shares during the last quarter. Truewealth LLC purchased a new position in shares of Public Storage during the fourth quarter worth about $127,000. Trustcore Financial Services LLC purchased a new position in shares of Public Storage during the fourth quarter worth about $145,000. Certified Advisory Corp purchased a new position in shares of Public Storage during the fourth quarter worth about $175,000. Finally, Advisory Services Network LLC grew its holdings in shares of Public Storage by 184.6% during the fourth quarter. Advisory Services Network LLC now owns 942 shares of the real estate investment trust’s stock worth $197,000 after buying an additional 611 shares during the last quarter. 81.48% of the stock is currently owned by hedge funds and other institutional investors.
In other news, SVP Lily Yan Hughes sold 443 shares of Public Storage stock in a transaction that occurred on Thursday, March 15th. The shares were sold at an average price of $194.53, for a total transaction of $86,176.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 14.00% of the stock is currently owned by company insiders.
PSA stock opened at $203.59 on Monday. Public Storage has a 12-month low of $180.48 and a 12-month high of $219.93. The company has a market cap of $35.47 billion, a PE ratio of 19.90, a P/E/G ratio of 3.85 and a beta of 0.27.
Public Storage (NYSE:PSA) last posted its quarterly earnings results on Wednesday, April 25th. The real estate investment trust reported $1.65 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.67 by ($0.02). Public Storage had a net margin of 50.72% and a return on equity of 27.68%. The company had revenue of $669.90 million for the quarter, compared to analyst estimates of $598.28 million. During the same quarter in the previous year, the business posted $2.37 earnings per share. Public Storage’s revenue was up 3.8% on a year-over-year basis. sell-side analysts anticipate that Public Storage will post 10.54 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 28th. Stockholders of record on Wednesday, June 13th will be given a dividend of $2.00 per share. The ex-dividend date is Tuesday, June 12th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.93%. Public Storage’s payout ratio is 78.20%.
A number of equities research analysts have weighed in on PSA shares. Barclays reaffirmed a “hold” rating and issued a $201.00 price objective on shares of Public Storage in a report on Wednesday, January 31st. Zacks Investment Research lowered Public Storage from a “hold” rating to a “sell” rating in a report on Wednesday, January 24th. BMO Capital Markets set a $185.00 price objective on Public Storage and gave the company a “sell” rating in a report on Tuesday, February 20th. Bank of America raised Public Storage from an “underperform” rating to a “neutral” rating and set a $212.00 price objective on the stock in a report on Tuesday, February 27th. Finally, Cantor Fitzgerald reaffirmed a “hold” rating and issued a $213.00 price objective on shares of Public Storage in a report on Wednesday, February 21st. Eight investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. Public Storage presently has a consensus rating of “Hold” and an average target price of $204.60.
About Public Storage
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 March 31, 2018, we had interests in 2,392 self-storage facilities located in 38 states with approximately 159 million net rentable square feet in the United States and 223 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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