Toronto Dominion Bank lessened its stake in Public Storage (NYSE:PSA) by 99.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 278 shares of the real estate investment trust’s stock after selling 150,050 shares during the period. Toronto Dominion Bank’s holdings in Public Storage were worth $27,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Royal Fund Management LLC purchased a new position in Public Storage in the 1st quarter worth about $32,000. Tower Research Capital LLC TRC increased its position in Public Storage by 58.0% during the 1st quarter. Tower Research Capital LLC TRC now owns 207 shares of the real estate investment trust’s stock valued at $41,000 after purchasing an additional 76 shares during the period. Enterprise Financial Services Corp increased its position in Public Storage by 163.3% during the 1st quarter. Enterprise Financial Services Corp now owns 208 shares of the real estate investment trust’s stock valued at $41,000 after purchasing an additional 129 shares during the period. Liberty Wealth Management LLC purchased a new position in Public Storage during the 1st quarter valued at about $46,000. Finally, Watson Rebecca purchased a new position in Public Storage during the 2nd quarter valued at about $49,000. 79.64% of the stock is currently owned by institutional investors.
PSA has been the topic of a number of research reports. Stifel Nicolaus raised their target price on shares of Public Storage from $218.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Morgan Stanley raised their target price on shares of Public Storage from $159.00 to $177.00 and gave the company an “underweight” rating in a research report on Wednesday, July 8th. Wells Fargo & Co cut their target price on shares of Public Storage from $201.00 to $200.00 and set an “underweight” rating on the stock in a research report on Friday, June 19th. BMO Capital Markets assumed coverage on shares of Public Storage in a report on Tuesday, July 21st. They issued a “sell” rating and a $175.00 price target on the stock. Finally, Goldman Sachs Group assumed coverage on shares of Public Storage in a report on Friday, June 26th. They issued a “neutral” rating and a $213.00 price target on the stock. Six research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. Public Storage currently has a consensus rating of “Hold” and an average price target of $222.14.
PSA stock traded up $5.06 during trading on Thursday, reaching $202.49. The company had a trading volume of 14,546 shares, compared to its average volume of 807,727. The firm has a 50-day simple moving average of $195.37 and a 200-day simple moving average of $199.84. The company has a market cap of $35.12 billion, a price-to-earnings ratio of 28.71, a price-to-earnings-growth ratio of 5.61 and a beta of 0.12. The company has a debt-to-equity ratio of 0.50, a quick ratio of 3.21 and a current ratio of 3.21. Public Storage has a twelve month low of $155.37 and a twelve month high of $266.76.
Public Storage (NYSE:PSA) last released its earnings results on Wednesday, August 5th. The real estate investment trust reported $1.41 EPS for the quarter, missing analysts’ consensus estimates of $2.52 by ($1.11). Public Storage had a return on equity of 28.12% and a net margin of 48.65%. The company had revenue of $709.29 million during the quarter, compared to analyst estimates of $709.42 million. During the same quarter last year, the business earned $2.64 earnings per share. The firm’s revenue for the quarter was down .2% on a year-over-year basis. Sell-side analysts expect that Public Storage will post 10.37 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.95%. The ex-dividend date of this dividend is Monday, September 14th. Public Storage’s dividend payout ratio (DPR) is 74.42%.
In related news, Director Uri P. Harkham sold 1,000 shares of the business’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $201.22, for a total value of $201,220.00. Following the completion of the sale, the director now owns 167 shares of the company’s stock, valued at approximately $33,603.74. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Nathaniel A. Vitan sold 269 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $200.18, for a total transaction of $53,848.42. The disclosure for this sale can be found here. 13.78% of the stock is owned by insiders.
About Public Storage
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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