Mission Wealth Management LP lowered its stake in shares of Public Storage (NYSE:PSA) by 73.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 814 shares of the real estate investment trust’s stock after selling 2,270 shares during the quarter. Mission Wealth Management LP’s holdings in Public Storage were worth $200,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in PSA. Cohen & Steers Inc. boosted its stake in shares of Public Storage by 36.3% in the 2nd quarter. Cohen & Steers Inc. now owns 8,050,898 shares of the real estate investment trust’s stock valued at $1,917,482,000 after purchasing an additional 2,142,247 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Public Storage by 31.3% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 3,966,418 shares of the real estate investment trust’s stock valued at $944,681,000 after purchasing an additional 945,431 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Public Storage by 113.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,746,052 shares of the real estate investment trust’s stock valued at $415,858,000 after purchasing an additional 928,491 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Public Storage by 10.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,980,811 shares of the real estate investment trust’s stock valued at $943,612,000 after purchasing an additional 388,950 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted 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 in the last quarter. 81.32% of the stock is currently owned by institutional investors and hedge funds.
In related news, Chairman B Wayne Et Al Hughes sold 200,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $263.41, for a total transaction of $52,682,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 14.00% of the stock is currently owned by corporate insiders.
NYSE:PSA traded down $3.12 on Friday, hitting $211.35. 958,694 shares of the stock were exchanged, compared to its average volume of 874,042. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.22 and a current ratio of 1.22. The stock has a market capitalization of $37.59 billion, a price-to-earnings ratio of 20.01, a P/E/G ratio of 5.08 and a beta of 0.07. The company’s 50-day moving average price is $238.33 and its 200 day moving average price is $241.81. Public Storage has a 52 week low of $193.89 and a 52 week high of $266.76.
Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.90 by $0.03. Public Storage had a return on equity of 33.96% and a net margin of 60.98%. The company had revenue of $729.33 million during the quarter, compared to analysts’ expectations of $732.26 million. During the same period in the prior year, the business posted $1.85 EPS. Public Storage’s revenue was up 3.3% on a year-over-year basis. As a group, equities research analysts predict that Public Storage will post 10.76 earnings per share for the current year.
Several research analysts recently issued reports on PSA shares. Evercore ISI downgraded shares of Public Storage from an “in-line” rating to an “underperform” rating and reduced their price target for the stock from $246.00 to $228.00 in a research report on Tuesday, October 1st. Argus upped their price target on shares of Public Storage to $290.00 and gave the stock a “positive” rating in a research report on Wednesday, August 28th. They noted that the move was a valuation call. SunTrust Banks upped their price target on shares of Public Storage from $215.00 to $233.00 and gave the stock a “hold” rating in a research report on Tuesday, August 27th. Stifel Nicolaus reduced their price target on shares of Public Storage from $285.00 to $266.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Finally, ValuEngine downgraded shares of Public Storage from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $245.56.
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 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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