Public Storage (PSA) : The traders have covered their outstanding shorts in Public Storage (PSA) to the tune of -346,777 shares, a change of -14%. As on Jul 29, 2016, the outstanding shorts on the stock were 2,472,951 shares, however, by August 15, 2016, the shorts had reduced to 2,126,174 shares. The covering shows that the traders dont believe that a large downside exists in the stock from current levels. The open short positions equal 1.4% of the free float of the stock. It takes 2 days to cover the outstanding short positions. The stock has an average daily volume of 859,908 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Public Storage (NYSE:PSA): The stock opened at $226.49 on Wednesday but the bulls could not build on the opening and the stock topped out at $226.50 for the day. The stock traded down to $223.08 during the day, due to lack of any buying support eventually closed down at $223.93 with a loss of -1.14% for the day. The stock had closed at $226.51 on the previous day. The total traded volume was 757,877 shares.
In a related news, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the director 10% owner of Public Storage, Hughes B Wayne Jr, had purchased 22,100 shares in a transaction dated on June 8, 2016. The transaction was executed at $252.42 per share with total amount equaling $5,578,482.
Public Storage (the Trust) is a real estate investment trust (REIT). The Trusts 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.