PSA - Short idea. Public Storage REIT whose shares have remained strong. I don't think the storage business will be growing going forward. ex-div on the 11th so one may want to wait until then. This one is elling for over 2x book when many other REITS are selling for a fraction of book. Very little debt makes this one more attractive. Insiders selling at lower prices.
PSA
Public Storage's (PSA) longtime Chairman B. Wayne Hughes, and two children who also serve as company directors, have been selling off large sums of shares despite PSA shares posting sharp gains recently. Altogether, the Hughes triumvirate sold 5.4M PSA shares on the open market for $342M in transactions taking place on Nov. 12 through Dec. 4, according to SEC filings. The shares were priced at $55.67 to $68.35 a piece. Through various holdings, the Hughes family continues to be the largest shareholders with a 23.3% stake in PSA. Ben Silverman, of InsiderScore.com says, "It's possible that some of the sales have been related to covering pledges made by Hughes senior and his son B. Wayne Hughes Jr. Until these sales, insider sentiment had been fairly bullish, with purchases made by four insiders including the CEO and CFO, according to data from Thomson Reuters.
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