120,199 Shares in Public Storage $PSA Purchased by Aew Capital Management Inc.

Key Points

• Aew Capital Management opened a position in Public Storage, buying 120,199 shares worth about $34 million. The REIT now represents 2.2% of the firm’s portfolio.
• Analysts have a consensus “Hold” rating and an average price target of $325.79; seven rate the stock Buy and 14 rate it Hold.
• Public Storage reported quarterly revenue of $1.37 billion, above estimates, but earnings per share of $1.69 missed forecasts. It announced a $3 quarterly dividend, equivalent to a 3.6% yield.

Aew Capital Management Inc. bought a new position in shares of Public Storage (NYSE:PSA - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 120,199 shares of the real estate investment trust's stock, valued at approximately $33,997,000. Public Storage makes up approximately 2.2% of Aew Capital Management Inc.'s portfolio, making the stock its 18th largest position. Aew Capital Management Inc. owned 0.06% of Public Storage at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC lifted its stake in shares of Public Storage by 89.6% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 91 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 43 shares during the period. Continuum Advisory LLC acquired a new position in Public Storage during the 2nd quarter worth approximately $29,000. William Mack & Associates Inc. acquired a new position in Public Storage during the 3rd quarter worth approximately $35,000. Westside Investment Management Inc. purchased a new position in shares of Public Storage during the 3rd quarter worth approximately $35,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of Public Storage during the 2nd quarter worth approximately $36,000. Institutional investors and hedge funds own 78.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PSA shares. Royal Bank Of Canada raised their price target on Public Storage from $318.00 to $323.00 and gave the company a "sector perform" rating in a report on Wednesday, October 28th. UBS Group increased their price objective on Public Storage from $294.00 to $334.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 4th. Evercore set a $308.00 target price on Public Storage in a report on Monday, September 21st. Scotiabank decreased their target price on shares of Public Storage from $346.00 to $343.00 and set a "sector outperform" rating on the stock in a research report on Wednesday, September 2nd. Finally, Raymond James Financial started coverage on shares of Public Storage in a research note on Thursday, July 16th. They set a "market perform" rating on the stock. Seven research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company's stock. According to data from MarketBeat.com, Public Storage has a consensus rating of "Hold" and an average target price of $325.79.

Public Storage Trading Down 0.2%

NYSE:PSA opened at $335.38 on Thursday. Public Storage has a 52-week low of $256.54 and a 52-week high of $345.89. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.16. The stock has a fifty day simple moving average of $302.31 and a 200-day simple moving average of $304.77. The company has a market capitalization of $62.66 billion, a PE ratio of 19.77, a price-to-earnings-growth ratio of 4.97 and a beta of 0.89.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings results on Monday, October 26th. The real estate investment trust reported $1.69 EPS for the quarter, missing the consensus estimate of $2.49 by ($0.80). Public Storage had a net margin of 37.76% and a return on equity of 29.93%. The business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the prior year, the company earned $4.31 earnings per share. The firm's revenue for the quarter was up .5% compared to the same quarter last year. On average, equities research analysts expect that Public Storage will post 16.97 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 8th. Shareholders of record on Tuesday, December 15th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, December 15th. Public Storage's payout ratio is presently 125.65%.

Public Storage Company Profile

Public Storage is a real estate investment trust that owns and operates self-storage facilities. Its properties offer individuals and businesses rental storage units in a range of sizes for household goods, business inventory, and other belongings. The company also provides related services, including storage protection plans. Founded in 1972, Public Storage has grown into a major self-storage provider in the United States, with facilities serving customers across the country. Its business also has a connection to Europe through its investment in Shurgard Self Storage, which operates self-storage properties in several European markets.

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