State of Michigan Retirement System Grows Holdings in Public Storage (NYSE:PSA)

State of Michigan Retirement System grew its stake in shares of Public Storage (NYSE:PSA) by 11.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,400 shares of the real estate investment trust’s stock after purchasing an additional 3,923 shares during the quarter. State of Michigan Retirement System’s holdings in Public Storage were worth $7,369,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Duality Advisers LP bought a new stake in Public Storage during the 2nd quarter valued at about $1,073,000. Tompkins Financial Corp raised its stake in shares of Public Storage by 7.4% during the second quarter. Tompkins Financial Corp now owns 13,872 shares of the real estate investment trust’s stock valued at $2,662,000 after acquiring an additional 958 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Public Storage by 159.2% during the second quarter. Pacer Advisors Inc. now owns 19,740 shares of the real estate investment trust’s stock valued at $3,788,000 after acquiring an additional 12,124 shares in the last quarter. V Wealth Advisors LLC purchased a new stake in shares of Public Storage in the second quarter valued at approximately $246,000. Finally, Mastrapasqua Asset Management Inc. grew its stake in Public Storage by 14.6% in the second quarter. Mastrapasqua Asset Management Inc. now owns 2,513 shares of the real estate investment trust’s stock worth $482,000 after purchasing an additional 320 shares in the last quarter. 79.64% of the stock is owned by hedge funds and other institutional investors.

Shares of PSA stock opened at $199.88 on Friday. Public Storage has a 12-month low of $155.37 and a 12-month high of $266.76. The business’s fifty day simple moving average is $193.14 and its 200-day simple moving average is $201.88. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 0.49. The company has a market cap of $34.94 billion, a PE ratio of 27.19, a PEG ratio of 5.58 and a beta of 0.12.

Public Storage (NYSE:PSA) last announced its earnings results on Thursday, April 30th. The real estate investment trust reported $1.79 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.71 by $0.08. The firm had revenue of $716.08 million for the quarter, compared to the consensus estimate of $710.00 million. Public Storage had a return on equity of 30.33% and a net margin of 52.93%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.73 EPS. On average, equities analysts forecast that Public Storage will post 10.45 earnings per share for the current year.

In related news, insider Nathaniel A. Vitan sold 269 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $200.18, for a total value of $53,848.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 13.78% of the stock is currently owned by insiders.

PSA has been the subject of several research reports. Stifel Nicolaus upped their target price on Public Storage from $183.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Goldman Sachs Group initiated coverage on shares of Public Storage in a research note on Friday, June 26th. They issued a “neutral” rating and a $213.00 price objective for the company. Wells Fargo & Co dropped their target price on shares of Public Storage from $201.00 to $200.00 and set an “underweight” rating on the stock in a report on Friday, June 19th. Morgan Stanley boosted their price target on shares of Public Storage from $159.00 to $177.00 and gave the company an “underweight” rating in a report on Wednesday, July 8th. Finally, BMO Capital Markets initiated coverage on shares of Public Storage in a research note on Tuesday, July 21st. They set a “sell” rating and a $175.00 price objective on the stock. Six equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $221.43.

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.

Further Reading: NASDAQ

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

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