210,081 Public Storage $PSA Shares Purchased by Aberdeen Group plc

Key Points

• Aberdeen Group increased its Public Storage stake by 51.3% in the third quarter, adding 210,081 shares to reach 619,948 shares, valued at about $175.3 million. Institutional investors collectively own 78.79% of the company.
• Public Storage reported quarterly EPS of $1.69, below the $2.49 consensus estimate, while revenue of $1.37 billion exceeded estimates and rose 0.5% year over year.
• The company declared a quarterly dividend of $3 per share, equivalent to $12 annually and a 3.6% yield. Analysts’ consensus rating was “Hold,” with an average price target of $328.32.

Aberdeen Group plc grew its position in Public Storage (NYSE:PSA - Free Report) by 51.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 619,948 shares of the real estate investment trust's stock after acquiring an additional 210,081 shares during the quarter. Aberdeen Group plc owned about 0.33% of Public Storage worth $175,346,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Bruce G. Allen Investments LLC grew its holdings in shares of Public Storage by 89.6% during the second quarter. Bruce G. Allen Investments LLC now owns 91 shares of the real estate investment trust's stock worth $29,000 after buying an additional 43 shares during the last quarter. Continuum Advisory LLC acquired a new position in Public Storage during the 2nd quarter worth approximately $29,000. William Mack & Associates Inc. purchased a new position in shares of Public Storage during the 3rd quarter worth approximately $35,000. Westside Investment Management Inc. acquired a new position in Public Storage during the third quarter worth about $35,000. Finally, Meeder Asset Management Inc. acquired a new position in Public Storage during the second quarter worth $36,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Price Performance

Shares of PSA opened at $332.79 on Friday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market capitalization of $62.18 billion, a PE ratio of 19.62, a P/E/G ratio of 4.93 and a beta of 0.89. Public Storage has a 52-week low of $256.54 and a 52-week high of $345.89. The stock has a 50 day simple moving average of $303.52 and a 200 day simple moving average of $305.32.

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

Public Storage Announces Dividend

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

Wall Street Analysts Forecast Growth

PSA has been the subject of several research reports. Wells Fargo & Company set a $311.00 price objective on Public Storage in a research report on Tuesday, September 1st. JPMorgan Chase & Co. reduced their price objective on Public Storage from $338.00 to $330.00 and set a "neutral" rating on the stock in a research report on Monday, September 21st. Barclays increased their price objective on Public Storage from $350.00 to $351.00 and gave the company an "equal weight" rating in a research note on Thursday, September 10th. Wall Street Zen cut Public Storage from a "hold" rating to a "sell" rating in a report on Saturday, October 31st. Finally, UBS Group upped their price objective on shares of Public Storage from $294.00 to $334.00 and gave the company a "neutral" rating in a research note on Wednesday, November 4th. Seven equities 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, Public Storage currently has an average rating of "Hold" and a consensus target price of $328.32.

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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