Main Street Research adds Public Storage (PSA) to its portfolio

Public Storage (PSA) : Main Street Research added new position in Public Storage during the most recent quarter end. The investment management firm now holds 45,218 shares of Public Storage which is valued at $10,407,827 , the company said in a statement filed on Aug 11, 2016 with the SEC.Public Storage makes up approximately 2.13% of Main Street Research’s portfolio.

Other Hedge Funds, Including , Washington Trust Co reduced its stake in PSA by selling 63 shares or 4.18% in the most recent quarter. The Hedge Fund company now holds 1,443 shares of PSA which is valued at $332,135. Public Storage makes up approx 0.02% of Washington Trust Co’s portfolio. Forsta Ap-fonden added PSA to its portfolio by purchasing 125,735 company shares during the most recent quarter which is valued at $29,023,410. Public Storage makes up approx 0.82% of Forsta Ap-fonden’s portfolio.Advisory Services Network boosted its stake in PSA in the latest quarter, The investment management firm added 105 additional shares and now holds a total of 297 shares of Public Storage which is valued at $73,709. Public Storage makes up approx 0.02% of Advisory Services Network’s portfolio.Northstar Asset Management boosted its stake in PSA in the latest quarter, The investment management firm added 300 additional shares and now holds a total of 1,435 shares of Public Storage which is valued at $364,117. Public Storage makes up approx 0.15% of Northstar Asset Management’s portfolio.

Public Storage closed down -0.27 points or -0.12% at $226.51 with 6,83,598 shares getting traded on Tuesday. Post opening the session at $227.52, the shares hit an intraday low of $226.22 and an intraday high of $227.679 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Public Storage reported $2.40 EPS for the quarter, based on the information available during the earnings call on Jul 27, 2016. Analyst had a consensus estimate of $2.40. The company had revenue of $594.39 million for the quarter, compared to analysts expectations of $594.83 million. The company’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.17 EPS.

Investors should note that on Jul 27, 2016, Public Storage announced a cash dividend of $1.8000. The company’s management has announced Sep 12, 2016 as the ex-dividend date and fixed the record date on Sep 14, 2016. The payable date has been fixed on Sep 29, 2016.

Many Wall Street Analysts have commented on Public Storage. Public Storage was Downgraded by BofA/Merrill to ” Neutral” on Aug 11, 2016. Public Storage was Downgraded by KeyBanc Capital Mkts to ” Underweight” on Jul 15, 2016. Public Storage was Initiated by FBR Capital to “Mkt Perform” on Jun 23, 2016.

Public Storage (the Trust) is a real estate investment trust (REIT). The Trust’s principal business activities include Domestic Self-Storage European Self-Storage and Commercial. The Trust acquires develops owns and operates self-storage facilities which offer storage spaces for lease on a month-to-month basis for personal and business use. It has direct and indirect equity interests in self-storage facilities in the United States operating under the Public Storage brand name. The Trust has an around 49% equity interest in Shurgard Self Storage Europe Limited (Shurgard Europe) which owns approximately 192 self-storage facilities (10 million net rentable square feet of space) located in seven countries in Western Europe operated under the Shurgard brand name. The Trust has an around 42% equity interest in PS Business Parks Inc. (PSB) a publicly held REIT which owns and operates around 28.6 million net rentable square feet of commercial space.

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