Adelante Capital Management Lowers stake in Public Storage (PSA)

Public Storage (PSA) : Adelante Capital Management reduced its stake in Public Storage by 19.34% during the most recent quarter end. The investment management company now holds a total of 425,965 shares of Public Storage which is valued at $98,044,364 after selling 102,114 shares in Public Storage , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Public Storage makes up approximately 4.46% of Adelante Capital Management’s portfolio.

Other Hedge Funds, Including , Wellington Management Group Llp boosted its stake in PSA in the latest quarter, The investment management firm added 40,853 additional shares and now holds a total of 4,389,618 shares of Public Storage which is valued at $1,010,358,375. Public Storage makes up approx 0.25% of Wellington Management Group Llp’s portfolio.Meiji Yasuda Life Insurance Co reduced its stake in PSA by selling 1,620 shares or 16.88% in the most recent quarter. The Hedge Fund company now holds 7,980 shares of PSA which is valued at $1,836,757. Public Storage makes up approx 0.28% of Meiji Yasuda Life Insurance Co’s portfolio.Ontario Teachers Pension Plan Board reduced its stake in PSA by selling 4,047 shares or 11.54% in the most recent quarter. The Hedge Fund company now holds 31,012 shares of PSA which is valued at $7,138,032. Public Storage makes up approx 0.08% of Ontario Teachers Pension Plan Board’s portfolio.

Public Storage opened for trading at $224.25 and hit $228.13 on the upside on Thursday, eventually ending the session at $226.11, with a gain of 0.97% or 2.17 points. The heightened volatility saw the trading volume jump to 7,70,250 shares. Company has a market cap of $39,208 M.

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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