Keybank National Association OH lessened its stake in Public Storage (NYSE:PSA) by 4.6% during the second quarter, HoldingsChannel reports. The institutional investor owned 12,266 shares of the real estate investment trust’s stock after selling 597 shares during the period. Keybank National Association OH’s holdings in Public Storage were worth $2,921,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. grew its position in shares of Public Storage by 0.7% in the 1st quarter. BlackRock Inc. now owns 16,103,954 shares of the real estate investment trust’s stock valued at $3,507,120,000 after buying an additional 112,313 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Public Storage by 7.8% in the 4th quarter. Geode Capital Management LLC now owns 2,459,818 shares of the real estate investment trust’s stock valued at $497,192,000 after purchasing an additional 178,705 shares during the period. Daiwa Securities Group Inc. lifted its stake in shares of Public Storage by 18.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 2,162,760 shares of the real estate investment trust’s stock valued at $515,105,000 after purchasing an additional 341,718 shares during the period. California Public Employees Retirement System lifted its stake in shares of Public Storage by 18.5% in the 1st quarter. California Public Employees Retirement System now owns 1,028,520 shares of the real estate investment trust’s stock valued at $223,991,000 after purchasing an additional 160,624 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of Public Storage by 3.7% in the 1st quarter. Principal Financial Group Inc. now owns 987,757 shares of the real estate investment trust’s stock valued at $215,114,000 after purchasing an additional 35,248 shares during the period. Hedge funds and other institutional investors own 80.03% of the company’s stock.
In related news, Chairman B Wayne Et Al Hughes sold 38,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $257.89, for a total transaction of $9,799,820.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 14.00% of the stock is owned by insiders.
Public Storage (NYSE:PSA) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.87). The business had revenue of $710.95 million during the quarter, compared to analyst estimates of $702.70 million. Public Storage had a net margin of 60.77% and a return on equity of 33.78%. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.57 earnings per share. As a group, research analysts anticipate that Public Storage will post 10.73 earnings per share for the current year.
A number of research analysts have recently issued reports on PSA shares. KeyCorp raised Public Storage from an “underweight” rating to a “sector weight” rating and set a $243.72 price objective on the stock in a research note on Tuesday, June 11th. ValuEngine raised Public Storage from a “hold” rating to a “buy” rating in a research note on Thursday, May 23rd. Finally, Bank of America raised Public Storage from a “neutral” rating to a “buy” rating in a research note on Friday, July 19th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. Public Storage has an average rating of “Hold” and an average target price of $222.45.
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. 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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