Nisa Investment Advisors LLC increased its stake in shares of Public Storage (NYSE:PSA) by 65.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 93,899 shares of the real estate investment trust’s stock after acquiring an additional 37,060 shares during the quarter. Nisa Investment Advisors LLC owned about 0.05% of Public Storage worth $23,031,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in PSA. Cohen & Steers Inc. boosted its stake in shares of Public Storage by 36.3% in the 2nd quarter. Cohen & Steers Inc. now owns 8,050,898 shares of the real estate investment trust’s stock valued at $1,917,482,000 after purchasing an additional 2,142,247 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Public Storage by 31.3% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 3,966,418 shares of the real estate investment trust’s stock worth $944,681,000 after buying an additional 945,431 shares in the last quarter. Nuveen Asset Management LLC lifted its position in Public Storage by 113.6% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,746,052 shares of the real estate investment trust’s stock worth $415,858,000 after buying an additional 928,491 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Public Storage by 10.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,980,811 shares of the real estate investment trust’s stock worth $943,612,000 after buying an additional 388,950 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its position in Public Storage by 18.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,162,760 shares of the real estate investment trust’s stock worth $515,105,000 after buying an additional 341,718 shares in the last quarter. 81.32% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts recently issued reports on PSA shares. Bank of America upgraded shares of Public Storage from a “neutral” rating to a “buy” rating in a research report on Friday, July 19th. Evercore ISI downgraded shares of Public Storage from an “in-line” rating to an “underperform” rating and reduced their price target for the stock from $246.00 to $228.00 in a research report on Tuesday, October 1st. Stifel Nicolaus reduced their price target on shares of Public Storage from $285.00 to $266.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Barclays set a $256.00 price objective on Public Storage and gave the stock a “sell” rating in a report on Friday, October 11th. Finally, SunTrust Banks boosted their price objective on Public Storage from $215.00 to $233.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $245.56.
Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.03. Public Storage had a return on equity of 33.96% and a net margin of 60.98%. The firm had revenue of $729.33 million during the quarter, compared to the consensus estimate of $732.26 million. During the same quarter in the prior year, the firm posted $1.85 EPS. The business’s revenue was up 3.3% on a year-over-year basis. Research analysts predict that Public Storage will post 10.76 earnings per share for the current fiscal year.
In other Public Storage news, Chairman B Wayne Et Al Hughes sold 200,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $263.41, for a total transaction of $52,682,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 14.00% of the company’s stock.
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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