Trustmark National Bank Trust Department trimmed its holdings in Public Storage (NYSE:PSA) by 26.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,277 shares of the real estate investment trust’s stock after selling 459 shares during the quarter. Trustmark National Bank Trust Department’s holdings in Public Storage were worth $254,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Bank OZK increased its holdings in shares of Public Storage by 20.8% in the 4th quarter. Bank OZK now owns 1,335 shares of the real estate investment trust’s stock valued at $285,000 after acquiring an additional 230 shares during the period. Arrow Financial Corp acquired a new position in shares of Public Storage in the 4th quarter valued at $788,000. Cetera Advisor Networks LLC increased its holdings in shares of Public Storage by 2.7% in the 4th quarter. Cetera Advisor Networks LLC now owns 5,097 shares of the real estate investment trust’s stock valued at $1,087,000 after acquiring an additional 135 shares during the period. First Horizon Advisors Inc. increased its holdings in shares of Public Storage by 23.4% in the 1st quarter. First Horizon Advisors Inc. now owns 348 shares of the real estate investment trust’s stock valued at $69,000 after acquiring an additional 66 shares during the period. Finally, Sailer Financial LLC acquired a new position in shares of Public Storage in the 4th quarter valued at $72,000. 79.66% of the stock is currently owned by institutional investors and hedge funds.
PSA stock traded down $9.87 during trading hours on Thursday, hitting $195.60. 618,256 shares of the stock traded hands, compared to its average volume of 1,187,844. The stock has a 50-day simple moving average of $190.31 and a 200 day simple moving average of $206.37. Public Storage has a one year low of $155.37 and a one year high of $266.76. The company has a market cap of $36.57 billion, a P/E ratio of 27.96, a P/E/G ratio of 5.11 and a beta of 0.13. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 0.49.
Public Storage (NYSE:PSA) last released its quarterly earnings results on Thursday, April 30th. The real estate investment trust reported $1.79 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.71 by $0.08. Public Storage had a return on equity of 30.33% and a net margin of 52.93%. The business had revenue of $716.08 million during the quarter, compared to analyst estimates of $710.00 million. During the same quarter last year, the company posted $1.73 EPS. Public Storage’s revenue for the quarter was up 3.9% on a year-over-year basis. Analysts forecast that Public Storage will post 10.53 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date of this dividend is Friday, June 12th. Public Storage’s dividend payout ratio (DPR) is presently 74.42%.
A number of research firms recently weighed in on PSA. BMO Capital Markets lowered their price objective on shares of Public Storage from $205.00 to $175.00 and set an “underperform” rating on the stock in a research report on Friday, May 1st. Wells Fargo & Co dropped their price objective on shares of Public Storage from $202.00 to $201.00 and set an “underweight” rating for the company in a research note on Thursday, April 2nd. SunTrust Banks decreased their target price on Public Storage from $205.00 to $195.00 and set a “hold” rating for the company in a report on Monday, May 11th. Cfra decreased their target price on Public Storage from $245.00 to $200.00 and set a “sell” rating for the company in a report on Friday, February 28th. Finally, Citigroup decreased their price target on Public Storage from $215.00 to $210.00 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Six equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $222.41.
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.
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