State of Michigan Retirement System grew its stake in Public Storage (NYSE:PSA) by 11.4% in the second quarter, Holdings Channel reports. The fund owned 38,400 shares of the real estate investment trust’s stock after purchasing an additional 3,923 shares during the period. State of Michigan Retirement System’s holdings in Public Storage were worth $7,369,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Caisse DE Depot ET Placement DU Quebec increased its position in Public Storage by 674.0% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 111,852 shares of the real estate investment trust’s stock worth $22,215,000 after purchasing an additional 97,400 shares during the last quarter. Diversified Trust Co raised its position in shares of Public Storage by 31.7% during the 2nd quarter. Diversified Trust Co now owns 22,543 shares of the real estate investment trust’s stock valued at $4,326,000 after buying an additional 5,425 shares during the period. DNB Asset Management AS raised its position in shares of Public Storage by 12.7% during the 2nd quarter. DNB Asset Management AS now owns 19,581 shares of the real estate investment trust’s stock valued at $3,757,000 after buying an additional 2,213 shares during the period. Two Sigma Advisers LP acquired a new position in Public Storage in the first quarter valued at approximately $4,926,000. Finally, The Manufacturers Life Insurance Company grew its position in Public Storage by 14.7% in the first quarter. The Manufacturers Life Insurance Company now owns 162,120 shares of the real estate investment trust’s stock worth $32,199,000 after acquiring an additional 20,742 shares during the period. Institutional investors and hedge funds own 79.64% of the company’s stock.
In other news, insider Nathaniel A. Vitan sold 269 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $200.18, for a total transaction of $53,848.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 13.78% of the company’s stock.
PSA has been the subject of a number of recent analyst reports. Argus downgraded Public Storage from a “buy” rating to a “hold” rating in a research report on Friday, June 19th. Citigroup dropped their price target on shares of Public Storage from $215.00 to $210.00 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Wells Fargo & Co decreased their price objective on shares of Public Storage from $201.00 to $200.00 and set an “underweight” rating on the stock in a report on Friday, June 19th. BMO Capital Markets began coverage on shares of Public Storage in a research report on Tuesday, July 21st. They set a “sell” rating and a $175.00 price objective for the company. Finally, SunTrust Banks cut their target price on Public Storage from $205.00 to $195.00 and set a “hold” rating on the stock in a research report on Monday, May 11th. Six analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. Public Storage currently has an average rating of “Hold” and an average price target of $221.43.
Public Storage stock opened at $199.88 on Friday. The firm has a market capitalization of $34.94 billion, a P/E ratio of 27.19, a P/E/G ratio of 5.58 and a beta of 0.12. 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 has a twelve month low of $155.37 and a twelve month high of $266.76. The stock’s fifty day simple moving average is $193.14 and its 200-day simple moving average is $201.88.
Public Storage (NYSE:PSA) last released its earnings results on Thursday, April 30th. The real estate investment trust reported $1.79 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.71 by $0.08. The firm had revenue of $716.08 million during the quarter, compared to analysts’ expectations of $710.00 million. Public Storage had a return on equity of 30.33% and a net margin of 52.93%. Public Storage’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.73 EPS. Sell-side analysts predict that Public Storage will post 10.45 earnings per share for the current year.
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: Gross Domestic Product (GDP)
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