Confluence Wealth Management Lowers stake in Public Storage (PSA)

Public Storage (PSA) : Confluence Wealth Management reduced its stake in Public Storage by 4.44% during the most recent quarter end. The investment management company now holds a total of 5,322 shares of Public Storage which is valued at $1,151,947 after selling 247 shares in Public Storage , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Public Storage makes up approximately 0.56% of Confluence Wealth Management’s portfolio.

Other Hedge Funds, Including , Arrowstreet Capital Limited Partnership reduced its stake in PSA by selling 294,341 shares or 21.2% in the most recent quarter. The Hedge Fund company now holds 1,093,879 shares of PSA which is valued at $236,770,110. Public Storage makes up approx 0.79% of Arrowstreet Capital Limited Partnership’s portfolio. Pegasus Partners Ltd. sold out all of its stake in PSA during the most recent quarter. The investment firm sold 900 shares of PSA which is valued $190,557.Teacher Retirement System Of Texas reduced its stake in PSA by selling 15,099 shares or 18.6% in the most recent quarter. The Hedge Fund company now holds 66,073 shares of PSA which is valued at $13,574,037. Public Storage makes up approx 0.10% of Teacher Retirement System Of Texas’s portfolio.Shell Asset Management Co reduced its stake in PSA by selling 1,141 shares or 1.03% in the most recent quarter. The Hedge Fund company now holds 109,368 shares of PSA which is valued at $23,374,129. Public Storage makes up approx 0.59% of Shell Asset Management Co’s portfolio.

Public Storage closed down -0.64 points or -0.31% at $203.97 with 8,59,954 shares getting traded on Monday. Post opening the session at $204.55, the shares hit an intraday low of $201.7 and an intraday high of $206.1724 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Public Storage reported $2.53 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Oct 26, 2016. Analyst had a consensus of $2.52. The company had revenue of $663.15 million for the quarter, compared to analysts expectations of $613.81 million. The company’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.33 EPS.

Investors should note that on Oct 26, 2016, Public Storage announced a cash dividend of $2.0000. The company’s management has announced Dec 12, 2016 as the ex-dividend date and fixed the record date on Dec 14, 2016. The payable date has been fixed on Dec 29, 2016.

Many Wall Street Analysts have commented on Public Storage. Public Storage was Upgraded by Goldman to ” Neutral” on Oct 31, 2016. Shares were Reiterated by FBR & Co. on Oct 27, 2016 to “Mkt Perform” and Lowered the Price Target to $ 225 from a previous price target of $250 .

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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