Heartland Advisors Inc. increased its position in shares of Public Storage (NYSE:PSA) by 5.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 50,180 shares of the real estate investment trust’s stock after acquiring an additional 2,638 shares during the quarter. Heartland Advisors Inc.’s holdings in Public Storage were worth $12,382,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Montrusco Bolton Investments Inc. boosted its position in Public Storage by 47.0% during the first quarter. Montrusco Bolton Investments Inc. now owns 157,451 shares of the real estate investment trust’s stock worth $38,853,000 after acquiring an additional 50,359 shares during the last quarter. E Fund Management Co. Ltd. acquired a new stake in Public Storage during the first quarter worth approximately $66,000. Norinchukin Bank The boosted its position in Public Storage by 0.4% during the first quarter. Norinchukin Bank The now owns 15,167 shares of the real estate investment trust’s stock worth $3,743,000 after acquiring an additional 54 shares during the last quarter. Sei Investments Co. raised its stake in Public Storage by 24.9% during the first quarter. Sei Investments Co. now owns 410,941 shares of the real estate investment trust’s stock worth $101,361,000 after purchasing an additional 81,938 shares during the period. Finally, Burleson & Company LLC purchased a new position in Public Storage during the first quarter worth approximately $49,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.
A number of equities analysts have weighed in on the stock. Truist Securities increased their price target on shares of Public Storage from $269.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, May 17th. BMO Capital Markets raised their target price on shares of Public Storage from $285.00 to $300.00 and gave the company a “market perform” rating in a research note on Monday, May 3rd. Wells Fargo & Company raised their target price on shares of Public Storage from $200.00 to $228.00 and gave the company an “underweight” rating in a research note on Wednesday, June 2nd. Truist raised their target price on shares of Public Storage from $269.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, May 17th. They noted that the move was a valuation call. Finally, Morgan Stanley raised their target price on shares of Public Storage from $231.00 to $266.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $258.14.
Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, April 28th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.49). The firm had revenue of $647.80 million for the quarter, compared to analyst estimates of $753.27 million. Public Storage had a net margin of 43.22% and a return on equity of 27.74%. Public Storage’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.58 earnings per share. Analysts predict that Public Storage will post 11.63 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 30th. Investors of record on Tuesday, June 15th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date is Monday, June 14th. Public Storage’s payout ratio is 75.40%.
In related news, VP Nathaniel A. Vitan sold 4,000 shares of the firm’s stock in a transaction on Tuesday, June 8th. The shares were sold at an average price of $293.10, for a total transaction of $1,172,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 10.87% of the stock is currently owned by company 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 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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