The Manufacturers Life Insurance Company Has $28.14 Million Stock Position in Public Storage $PSA

The Manufacturers Life Insurance Company increased its holdings in shares of Public Storage (NYSE:PSA) by 6.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 103,885 shares of the real estate investment trust’s stock after buying an additional 5,858 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Public Storage were worth $28,140,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Harvest Fund Management Co. Ltd bought a new position in Public Storage in the third quarter valued at about $27,000. Bayban bought a new position in shares of Public Storage in the fourth quarter worth about $26,000. Wealth Watch Advisors INC bought a new position in shares of Public Storage in the third quarter worth about $34,000. Raiffeisen Bank International AG boosted its stake in shares of Public Storage by 35.2% in the 4th quarter. Raiffeisen Bank International AG now owns 142 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 37 shares in the last quarter. Finally, Knuff & Co LLC acquired a new stake in shares of Public Storage in the 4th quarter valued at approximately $38,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Public Storage from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. JPMorgan Chase & Co. raised their target price on shares of Public Storage from $291.00 to $338.00 and gave the company a “neutral” rating in a research report on Thursday, June 11th. BNP Paribas Exane raised their target price on shares of Public Storage from $331.00 to $335.00 and gave the company an “outperform” rating in a research report on Friday, May 22nd. Barclays reaffirmed an “equal weight” rating and set a $349.00 target price on shares of Public Storage in a research note on Friday, July 10th. Finally, BMO Capital Markets upped their price target on shares of Public Storage from $305.00 to $340.00 and gave the stock a “market perform” rating in a report on Monday, June 15th. Seven equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $326.05.

Insider Buying and Selling

In related news, insider Nathaniel A. Vitan sold 950 shares of Public Storage stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $324.81, for a total transaction of $308,569.50. Following the sale, the insider directly owned 1,414 shares in the company, valued at $459,281.34. This trade represents a 40.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.10% of the stock is currently owned by corporate insiders.

Public Storage Stock Performance

Shares of PSA stock opened at $324.99 on Friday. The firm has a market capitalization of $57.05 billion, a price-to-earnings ratio of 31.01, a PEG ratio of 4.28 and a beta of 0.96. The company has a current ratio of 0.66, a quick ratio of 0.56 and a debt-to-equity ratio of 2.06. The business’s 50-day moving average price is $317.75 and its 200-day moving average price is $301.83. Public Storage has a 12 month low of $256.54 and a 12 month high of $335.55.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Monday, June 15th. Public Storage’s dividend payout ratio (DPR) is 114.50%.

Public Storage Company Profile

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.