Millennium Management LLC bought a new stake in shares of Public Storage (NYSE:PSA) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 22,830 shares of the real estate investment trust’s stock, valued at approximately $4,771,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Tower Research Capital LLC TRC lifted its stake in Public Storage by 841.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 527 shares of the real estate investment trust’s stock worth $110,000 after acquiring an additional 471 shares during the period. Truewealth LLC purchased a new stake in Public Storage in the fourth quarter worth about $127,000. Trustcore Financial Services LLC purchased a new stake in Public Storage in the fourth quarter worth about $145,000. Advisory Services Network LLC lifted its stake in Public Storage by 184.6% in the fourth quarter. Advisory Services Network LLC now owns 942 shares of the real estate investment trust’s stock worth $197,000 after acquiring an additional 611 shares during the period. Finally, Mutual Advisors LLC purchased a new stake in Public Storage in the fourth quarter worth about $212,000. 81.64% of the stock is owned by hedge funds and other institutional investors.
In other news, SVP Lily Yan Hughes sold 443 shares of the company’s stock in a transaction dated Thursday, March 15th. The shares were sold at an average price of $194.53, for a total transaction of $86,176.79. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 14.00% of the company’s stock.
Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.72 by $0.03. Public Storage had a net margin of 51.16% and a return on equity of 27.48%. The firm had revenue of $634.22 million for the quarter, compared to the consensus estimate of $643.46 million. During the same quarter in the prior year, the company posted $2.03 earnings per share. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. sell-side analysts forecast that Public Storage will post 10.55 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 29th. Stockholders of record on Wednesday, March 14th were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Tuesday, March 13th. This represents a $8.00 annualized dividend and a dividend yield of 4.03%. Public Storage’s dividend payout ratio (DPR) is currently 78.20%.
A number of analysts recently weighed in on PSA shares. BMO Capital Markets set a $185.00 price objective on shares of Public Storage and gave the stock a “sell” rating in a research note on Tuesday, February 20th. Bank of America raised shares of Public Storage from an “underperform” rating to a “neutral” rating and set a $212.00 price target for the company in a research report on Tuesday, February 27th. Zacks Investment Research lowered shares of Public Storage from a “hold” rating to a “sell” rating in a research report on Wednesday, January 24th. Cantor Fitzgerald set a $213.00 price target on shares of Public Storage and gave the company a “hold” rating in a research report on Monday, March 12th. Finally, Jefferies Group set a $199.00 price target on shares of Public Storage and gave the company a “hold” rating in a research report on Monday, March 5th. Seven equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $204.60.
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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. The Company's headquarters are located in Glendale, California. At December 31, 2017, we had interests in 2,386 self-storage facilities located in 38 states with approximately 159 million net rentable square feet in the United States and 222 storage facilities located in seven Western European nations with approximately 12 million net rentable square feet operated under the ?Shurgard? brand.
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