Oppenheimer & Co. Inc. grew its holdings in Public Storage (NYSE:PSA) by 31.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,773 shares of the real estate investment trust’s stock after acquiring an additional 913 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Public Storage were worth $787,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Public Storage by 1.8% in the first quarter. Vanguard Group Inc. now owns 21,329,524 shares of the real estate investment trust’s stock worth $4,669,246,000 after acquiring an additional 377,659 shares in the last quarter. BlackRock Inc. boosted its holdings in Public Storage by 2,552.4% in the first quarter. BlackRock Inc. now owns 14,167,308 shares of the real estate investment trust’s stock worth $3,101,367,000 after acquiring an additional 13,633,185 shares in the last quarter. APG Asset Management US Inc. boosted its holdings in Public Storage by 3.3% in the second quarter. APG Asset Management US Inc. now owns 4,212,811 shares of the real estate investment trust’s stock worth $878,497,000 after acquiring an additional 136,388 shares in the last quarter. Morgan Stanley boosted its holdings in Public Storage by 16.3% in the first quarter. Morgan Stanley now owns 2,751,504 shares of the real estate investment trust’s stock worth $602,333,000 after acquiring an additional 385,136 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Public Storage by 2.5% in the first quarter. JPMorgan Chase & Co. now owns 2,624,270 shares of the real estate investment trust’s stock worth $574,478,000 after acquiring an additional 63,887 shares in the last quarter. 80.22% of the stock is owned by institutional investors and hedge funds.
In other news, Director Ronald P. Spogli bought 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The stock was purchased at an average cost of $200.59 per share, with a total value of $401,180.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 14.42% of the stock is owned by corporate insiders.
Several equities research analysts have weighed in on the company. BMO Capital Markets assumed coverage on Public Storage in a report on Monday. They issued an “underperform” rating and a $193.00 price target for the company. Jefferies Group LLC set a $210.00 price target on Public Storage and gave the stock a “hold” rating in a report on Thursday, August 17th. Bank of America Corporation lowered their price target on Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a report on Thursday, July 20th. Zacks Investment Research raised Public Storage from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. Finally, BidaskClub raised Public Storage from a “strong sell” rating to a “sell” rating in a report on Friday, June 16th. Five equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. Public Storage currently has a consensus rating of “Hold” and a consensus price target of $218.10.
Public Storage (PSA) opened at 213.40 on Tuesday. Public Storage has a 52 week low of $192.15 and a 52 week high of $232.21. The stock has a market capitalization of $37.13 billion, a PE ratio of 30.44 and a beta of 0.42. The stock has a 50 day moving average price of $203.75 and a 200 day moving average price of $213.05.
Public Storage (NYSE:PSA) last announced its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.54 by $0.95. The firm had revenue of $624.20 million during the quarter, compared to analyst estimates of $626.27 million. Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period last year, the company earned $2.40 earnings per share. Equities analysts forecast that Public Storage will post $7.09 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be given a $2.00 dividend. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.75%. Public Storage’s dividend payout ratio (DPR) is presently 113.96%.
About Public Storage
Public Storage is a real estate investment trust (REIT). The Company’s principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space.
Receive News & Ratings for Public Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Storage and related companies with MarketBeat.com's FREE daily email newsletter.