Sumitomo Life Insurance Co. Acquires 347 Shares of Public Storage (NYSE:PSA)

Sumitomo Life Insurance Co. raised its holdings in shares of Public Storage (NYSE:PSA) by 3.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,722 shares of the real estate investment trust’s stock after purchasing an additional 347 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Public Storage were worth $2,315,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Daiwa Securities Group Inc. grew its stake in shares of Public Storage by 190.7% in the 1st quarter. Daiwa Securities Group Inc. now owns 1,821,042 shares of the real estate investment trust’s stock worth $396,586,000 after acquiring an additional 1,194,522 shares in the last quarter. Centersquare Investment Management LLC grew its stake in shares of Public Storage by 98.4% in the 1st quarter. Centersquare Investment Management LLC now owns 913,756 shares of the real estate investment trust’s stock worth $198,998,000 after acquiring an additional 453,207 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of Public Storage by 289.4% in the 1st quarter. Janus Henderson Group PLC now owns 528,671 shares of the real estate investment trust’s stock worth $115,135,000 after acquiring an additional 392,914 shares in the last quarter. Pennsylvania Trust Co bought a new stake in shares of Public Storage in the 1st quarter worth $2,596,000. Finally, Geode Capital Management LLC grew its stake in shares of Public Storage by 7.8% in the 4th quarter. Geode Capital Management LLC now owns 2,459,818 shares of the real estate investment trust’s stock worth $497,192,000 after acquiring an additional 178,705 shares in the last quarter. Institutional investors and hedge funds own 80.01% of the company’s stock.

Several research firms have recently issued reports on PSA. Bank of America upgraded shares of Public Storage from a “neutral” rating to a “buy” rating in a research note on Friday, July 19th. KeyCorp upgraded shares of Public Storage from an “underweight” rating to a “sector weight” rating and set a $243.72 target price for the company in a research note on Tuesday, June 11th. ValuEngine upgraded shares of Public Storage from a “hold” rating to a “buy” rating in a research note on Thursday, May 23rd. Barclays reiterated a “sell” rating and issued a $218.00 target price on shares of Public Storage in a research note on Tuesday, April 16th. Finally, Jefferies Financial Group upgraded shares of Public Storage from an “underperform” rating to a “hold” rating and upped their target price for the stock from $181.00 to $201.00 in a research note on Tuesday, April 9th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. Public Storage has an average rating of “Hold” and an average target price of $222.45.

PSA traded up $5.49 during trading on Tuesday, hitting $251.24. 25,244 shares of the company traded hands, compared to its average volume of 786,486. The firm has a market capitalization of $42.89 billion, a price-to-earnings ratio of 23.82, a P/E/G ratio of 5.90 and a beta of 0.17. The firm’s fifty day moving average price is $243.81. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.38. Public Storage has a one year low of $193.89 and a one year high of $251.37.

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 for the quarter, missing the Thomson Reuters’ consensus estimate of $2.63 by ($0.87). The company had revenue of $710.95 million for 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.57 EPS. On average, research analysts anticipate that Public Storage will post 10.73 earnings per share for the current fiscal year.

Public Storage Company 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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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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