Shinko Asset Management Ltd. buys $441.9 Million stake in Public Storage (PSA)

Public Storage (PSA) : Shinko Asset Management Ltd. scooped up 117,474 additional shares in Public Storage during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 11, 2016. The investment management firm now holds a total of 1,687,468 shares of Public Storage which is valued at $441.9 Million.Public Storage makes up approximately 3.52% of Shinko Asset Management Ltd.’s portfolio.

Other Hedge Funds, Including , Comerica Bank boosted its stake in PSA in the latest quarter, The investment management firm added 1,238 additional shares and now holds a total of 52,358 shares of Public Storage which is valued at $13.7 Million. Public Storage makes up approx 0.12% of Comerica Bank’s portfolio.Tiaa Cref Investment Management reduced its stake in PSA by selling 34,122 shares or 4.31% in the most recent quarter. The Hedge Fund company now holds 758,072 shares of PSA which is valued at $199.6 Million. Public Storage makes up approx 0.15% of Tiaa Cref Investment Management’s portfolio.Parkwood reduced its stake in PSA by selling 1,151 shares or 23.19% in the most recent quarter. The Hedge Fund company now holds 3,813 shares of PSA which is valued at $1 Million. Public Storage makes up approx 0.17% of Parkwood’s portfolio.Sumitomo Life Insurance Co reduced its stake in PSA by selling 283 shares or 2.93% in the most recent quarter. The Hedge Fund company now holds 9,387 shares of PSA which is valued at $2.3 Million. Public Storage makes up approx 0.30% of Sumitomo Life Insurance Co’s portfolio.

Public Storage opened for trading at $261.9 and hit $265.82 on the upside on Monday, eventually ending the session at $264.97, with a gain of 1.18% or 3.08 points. The heightened volatility saw the trading volume jump to 4,28,176 shares. Company has a market cap of $45,941 M.

On the company’s financial health, Public Storage reported $2.21 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Apr 26, 2016. Analyst had a consensus of $2.19. The company had revenue of $611.80 million for the quarter, compared to analysts expectations of $573.24 million. The company’s revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.94 EPS.

Investors should note that on Apr 26, 2016, Public Storage announced a cash dividend of $1.8000. The company’s management has announced Jun 13, 2016 as the ex-dividend date and fixed the record date on Jun 15, 2016. The payable date has been fixed on Jun 30, 2016.

Many Wall Street Analysts have commented on Public Storage. 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 .Company shares were Reiterated by Barclays on May 2, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 253 from a previous price target of $251 .Public Storage was Downgraded by Goldman to ” Sell” on Apr 25, 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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