SeaCrest Wealth Management LLC boosted its holdings in shares of Public Storage (NYSE:PSA) by 7.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,144 shares of the real estate investment trust’s stock after acquiring an additional 77 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Public Storage were worth $272,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of PSA. Geode Capital Management LLC raised its holdings in Public Storage by 7.8% during the fourth quarter. Geode Capital Management LLC now owns 2,459,818 shares of the real estate investment trust’s stock worth $497,192,000 after purchasing an additional 178,705 shares in the last quarter. Two Sigma Advisers LP bought a new stake in Public Storage during the fourth quarter worth approximately $230,000. Actinver Wealth Management Inc. bought a new stake in Public Storage during the fourth quarter worth approximately $258,000. First Hawaiian Bank raised its holdings in Public Storage by 50.1% during the first quarter. First Hawaiian Bank now owns 4,117 shares of the real estate investment trust’s stock worth $897,000 after purchasing an additional 1,375 shares in the last quarter. Finally, TrimTabs Asset Management LLC raised its holdings in Public Storage by 4.9% during the first quarter. TrimTabs Asset Management LLC now owns 5,659 shares of the real estate investment trust’s stock worth $1,232,000 after purchasing an additional 266 shares in the last quarter. 80.53% of the stock is currently owned by hedge funds and other institutional investors.
PSA has been the topic of several recent analyst reports. Jefferies Financial Group raised Public Storage from an “underperform” rating to a “hold” rating and boosted their target price for the stock from $181.00 to $201.00 in a report on Tuesday, April 9th. Bank of America raised Public Storage from a “neutral” rating to a “buy” rating in a report on Friday, July 19th. KeyCorp raised Public Storage from an “underweight” rating to a “sector weight” rating and set a $243.72 target price on the stock in a report on Tuesday, June 11th. Argus boosted their target price on Public Storage to $240.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Finally, ValuEngine raised Public Storage from a “hold” rating to a “buy” rating in a report on Thursday, May 23rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. Public Storage currently has a consensus rating of “Hold” and an average target price of $222.45.
Public Storage (NYSE:PSA) last posted 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 Thomson Reuters’ consensus estimate of $2.63 by ($0.87). The company had revenue of $710.95 million during the quarter, compared to the consensus estimate of $702.70 million. Public Storage had a net margin of 60.77% and a return on equity of 33.78%. Public Storage’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.57 EPS. As a group, equities research analysts expect that Public Storage will post 10.73 earnings per share for the current fiscal 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.
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