Isthmus Partners LLC Reduces Stock Position in Public Storage (NYSE:PSA)

Isthmus Partners LLC trimmed its holdings in shares of Public Storage (NYSE:PSA) by 2.9% in the second quarter, HoldingsChannel.com reports. The fund owned 35,525 shares of the real estate investment trust’s stock after selling 1,045 shares during the period. Public Storage makes up 1.9% of Isthmus Partners LLC’s investment portfolio, making the stock its 7th largest position. Isthmus Partners LLC’s holdings in Public Storage were worth $10,682,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. ICW Investment Advisors LLC increased its position in shares of Public Storage by 1.1% during the second quarter. ICW Investment Advisors LLC now owns 2,916 shares of the real estate investment trust’s stock valued at $877,000 after acquiring an additional 33 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of Public Storage by 21.0% in the first quarter. First Horizon Advisors Inc. now owns 259 shares of the real estate investment trust’s stock worth $64,000 after acquiring an additional 45 shares during the period. Summit X LLC boosted its stake in Public Storage by 4.5% during the first quarter. Summit X LLC now owns 1,078 shares of the real estate investment trust’s stock valued at $266,000 after buying an additional 46 shares during the period. Quadrant Capital Group LLC boosted its stake in Public Storage by 4.0% during the second quarter. Quadrant Capital Group LLC now owns 1,255 shares of the real estate investment trust’s stock valued at $377,000 after buying an additional 48 shares during the period. Finally, Norinchukin Bank The boosted its stake in Public Storage by 0.4% during the first quarter. Norinchukin Bank The now owns 15,167 shares of the real estate investment trust’s stock valued at $3,743,000 after buying an additional 54 shares during the period. 78.45% of the stock is owned by institutional investors.

Shares of PSA stock traded up $1.84 during mid-day trading on Wednesday, hitting $319.26. The stock had a trading volume of 1,769 shares, compared to its average volume of 754,604. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.18 and a quick ratio of 1.18. Public Storage has a fifty-two week low of $212.22 and a fifty-two week high of $332.95. The company’s 50-day simple moving average is $316.30 and its 200-day simple moving average is $286.96. The firm has a market cap of $55.94 billion, a PE ratio of 43.72, a PEG ratio of 3.92 and a beta of 0.10.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, August 3rd. The real estate investment trust reported $1.97 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.93 by ($0.96). Public Storage had a return on equity of 31.12% and a net margin of 46.87%. During the same quarter last year, the firm earned $1.41 earnings per share. On average, analysts expect that Public Storage will post 12.35 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 30th. Shareholders of record on Wednesday, September 15th will be paid a dividend of $2.00 per share. The ex-dividend date is Tuesday, September 14th. This represents a $8.00 annualized dividend and a yield of 2.51%. Public Storage’s payout ratio is 75.40%.

In related news, insider Nathaniel A. Vitan sold 483 shares of the stock in a transaction that occurred on Thursday, August 12th. The stock was sold at an average price of $314.07, for a total value of $151,695.81. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director John Reyes sold 50,000 shares of the stock in a transaction that occurred on Monday, August 23rd. The shares were sold at an average price of $321.97, for a total value of $16,098,500.00. The disclosure for this sale can be found here. Insiders have sold 54,440 shares of company stock valued at $17,531,077 in the last 90 days. Insiders own 10.87% of the company’s stock.

Several research firms have recently commented on PSA. Citigroup lifted their price objective on Public Storage from $296.00 to $325.00 and gave the stock a “neutral” rating in a report on Thursday, July 1st. UBS Group initiated coverage on Public Storage in a research report on Thursday, June 24th. They issued a “neutral” rating and a $310.00 price objective on the stock. Morgan Stanley boosted their target price on shares of Public Storage from $287.00 to $311.00 and gave the company an “equal weight” rating in a research note on Monday, August 16th. Jefferies Financial Group restated a “neutral” rating on shares of Public Storage in a research note on Friday, July 2nd. Finally, Wolfe Research initiated coverage on shares of Public Storage in a report on Monday, June 14th. They set a “peer perform” rating and a $335.00 price objective for the company. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $312.91.

Public Storage Profile

Public Storage operates as a real estate investment trust. The firm engages in acquiring, developing, owning and operating self-storage facilities. It operates through the following segments: Self-storage Operations, Ancillary Operations, Investment in PS Business Parks and Investment in Shurgard. The Self-storage Operations segment reflects the rental operations from all self-storage facilities.

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

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