AlphaCrest Capital Management LLC reduced its stake in shares of Public Storage (NYSE:PSA) by 65.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,062 shares of the real estate investment trust’s stock after selling 3,945 shares during the quarter. AlphaCrest Capital Management LLC’s holdings in Public Storage were worth $459,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. CX Institutional boosted its stake in shares of Public Storage by 107.7% during the third quarter. CX Institutional now owns 189 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 98 shares during the period. Prestige Wealth Management Group LLC boosted its stake in shares of Public Storage by 43.8% during the third quarter. Prestige Wealth Management Group LLC now owns 230 shares of the real estate investment trust’s stock valued at $51,000 after purchasing an additional 70 shares during the period. Rosenberg Matthew Hamilton boosted its stake in shares of Public Storage by 30.1% during the second quarter. Rosenberg Matthew Hamilton now owns 367 shares of the real estate investment trust’s stock valued at $70,000 after purchasing an additional 85 shares during the period. Hoover Financial Advisors Inc. purchased a new stake in shares of Public Storage during the second quarter valued at $76,000. Finally, NEXT Financial Group Inc purchased a new stake in shares of Public Storage during the third quarter valued at $85,000. 79.01% of the stock is owned by hedge funds and other institutional investors.
In other Public Storage news, Director Ronald L. Havner, Jr. purchased 1,900 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The shares were bought at an average price of $214.85 per share, for a total transaction of $408,215.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Tamara Hughes Gustavson purchased 37,031 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The stock was acquired at an average price of $217.65 per share, for a total transaction of $8,059,797.15. Following the acquisition, the director now owns 16,859,750 shares in the company, valued at approximately $3,669,524,587.50. The disclosure for this purchase can be found here. Corporate insiders own 13.78% of the company’s stock.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Wednesday, November 4th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.60 by ($1.19). Public Storage had a net margin of 48.65% and a return on equity of 28.12%. The company had revenue of $730.66 million for the quarter, compared to analyst estimates of $728.78 million. During the same quarter last year, the company earned $2.73 EPS. The business’s revenue was up .2% compared to the same quarter last year. As a group, equities analysts predict that Public Storage will post 10.41 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 30th. Stockholders of record on Tuesday, December 15th will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Monday, December 14th. This represents a $8.00 annualized dividend and a dividend yield of 3.54%. Public Storage’s dividend payout ratio (DPR) is currently 74.42%.
A number of analysts recently weighed in on the stock. Raymond James lowered shares of Public Storage from a “market perform” rating to an “underperform” rating in a research note on Tuesday, October 6th. Stifel Nicolaus upped their price objective on shares of Public Storage from $218.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Morgan Stanley raised shares of Public Storage from an “underweight” rating to an “equal weight” rating and set a $203.00 price objective for the company in a research note on Monday, September 21st. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $209.22.
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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 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 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the ÂShurgardÂ 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 September 30, 2020.
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