Westwood Holdings Group Inc. cut its holdings in Public Storage (NYSE:PSA) by 16.5% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 379,309 shares of the real estate investment trust’s stock after selling 75,027 shares during the period. Public Storage comprises approximately 1.0% of Westwood Holdings Group Inc.’s portfolio, making the stock its 22nd largest holding. Westwood Holdings Group Inc.’s holdings in Public Storage were worth $90,340,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of the business. Ashburton Jersey Ltd purchased a new position in shares of Public Storage in the second quarter valued at about $32,000. Manchester Financial Inc. purchased a new position in shares of Public Storage in the second quarter valued at about $34,000. Aspire Private Capital LLC increased its position in shares of Public Storage by 232.0% in the first quarter. Aspire Private Capital LLC now owns 166 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 116 shares during the period. Cornerstone Advisors Inc. increased its position in shares of Public Storage by 42.3% in the first quarter. Cornerstone Advisors Inc. now owns 202 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 60 shares during the period. Finally, Coastal Investment Advisors Inc. purchased a new position in shares of Public Storage in the second quarter valued at about $48,000. 80.85% of the stock is owned by institutional investors and hedge funds.
In related news, Chairman B Wayne Et Al Hughes sold 40,000 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $256.10, for a total transaction of $10,244,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold 278,000 shares of company stock worth $72,725,820 in the last quarter. 14.00% of the stock is owned by corporate insiders.
Shares of NYSE PSA traded down $0.14 during midday trading on Friday, hitting $250.25. 18,554 shares of the company traded hands, compared to its average volume of 873,099. Public Storage has a 12-month low of $193.89 and a 12-month high of $266.76. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a 50-day moving average price of $256.11 and a 200 day moving average price of $236.75. The firm has a market cap of $43.72 billion, a P/E ratio of 23.70, a P/E/G ratio of 5.82 and a beta of 0.14.
Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.63 by ($0.87). Public Storage had a net margin of 60.77% and a return on equity of 33.78%. The company had revenue of $710.95 million for the quarter, compared to analysts’ expectations of $702.70 million. During the same quarter in the prior year, the firm earned $2.57 EPS. Public Storage’s quarterly revenue was up 3.7% compared to the same quarter last year. As a group, equities analysts expect that Public Storage will post 10.77 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Thursday, September 12th will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend is Wednesday, September 11th. Public Storage’s dividend payout ratio is currently 75.76%.
A number of equities analysts have issued reports on PSA shares. SunTrust Banks boosted their price objective on shares of Public Storage from $215.00 to $233.00 and gave the company a “hold” rating in a research report on Tuesday, August 27th. Morgan Stanley upgraded shares of Public Storage from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $193.00 to $240.00 in a research report on Monday. Bank of America upgraded shares of Public Storage from a “neutral” rating to a “buy” rating in a research report on Friday, July 19th. Argus boosted their price target on shares of Public Storage to $290.00 and gave the company a “positive” rating in a research report on Wednesday, August 28th. They noted that the move was a valuation call. Finally, Stifel Nicolaus began coverage on shares of Public Storage in a research report on Monday, August 19th. They set a “buy” rating and a $285.00 price target on the stock. One analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. Public Storage presently has an average rating of “Hold” and a consensus price target of $244.47.
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.
Further Reading: How Investors Use a Balance Sheet
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