Spinnaker Trust Lowers stake in Public Storage (PSA)

Public Storage (PSA) : Spinnaker Trust reduced its stake in Public Storage by 37.74% during the most recent quarter end. The investment management company now holds a total of 1,650 shares of Public Storage which is valued at $385,193 after selling 1,000 shares in Public Storage , the firm said in a disclosure report filed with the SEC on Aug 1, 2016.Public Storage makes up approximately 0.05% of Spinnaker Trust’s portfolio.

Other Hedge Funds, Including , Integrated Wealth Management reduced its stake in PSA by selling 160 shares or 13.83% in the most recent quarter. The Hedge Fund company now holds 997 shares of PSA which is valued at $232,750. Public Storage makes up approx 0.09% of Integrated Wealth Management’s portfolio.Tokio Marine Asset Management Co Ltd reduced its stake in PSA by selling 89 shares or 1.91% in the most recent quarter. The Hedge Fund company now holds 4,564 shares of PSA which is valued at $1,132,694. Public Storage makes up approx 0.11% of Tokio Marine Asset Management Co Ltd’s portfolio.Pggm Investments boosted its stake in PSA in the latest quarter, The investment management firm added 1,217 additional shares and now holds a total of 1,443,872 shares of Public Storage which is valued at $358,340,153. Public Storage makes up approx 1.78% of Pggm Investments’s portfolio.Capital One National Association reduced its stake in PSA by selling 4 shares or 0.05% in the most recent quarter. The Hedge Fund company now holds 8,354 shares of PSA which is valued at $2,104,540. Public Storage makes up approx 0.17% of Capital One National Association’s portfolio.

Public Storage closed down -2.9 points or -1.24% at $230.55 with 11,45,384 shares getting traded on Thursday. Post opening the session at $233.56, the shares hit an intraday low of $228.94 and an intraday high of $233.56 and the price fluctuated in this range throughout the day.Shares ended Thursday 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 KeyBanc Capital Mkts to ” Underweight” on Jul 15, 2016. Public Storage was Initiated by FBR Capital to “Mkt Perform” on Jun 23, 2016. Company shares were Reiterated by RBC Capital Mkts on May 11, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 243 from a previous price target of $235 .

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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