Hartline Investment Corp Sells 1,577 Shares of Public Storage $PSA

Hartline Investment Corp lowered its stake in shares of Public Storage (NYSE:PSA) by 63.4% in the second quarter, Holdings Channel reports. The institutional investor owned 912 shares of the real estate investment trust’s stock after selling 1,577 shares during the period. Hartline Investment Corp’s holdings in Public Storage were worth $290,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Bayban purchased a new position in shares of Public Storage in the 4th quarter valued at $26,000. Harvest Fund Management Co. Ltd bought a new position in shares of Public Storage in the 3rd quarter worth $27,000. Wealth Watch Advisors INC purchased a new stake in shares of Public Storage during the 3rd quarter worth $34,000. Raiffeisen Bank International AG lifted its stake in shares of Public Storage by 35.2% during the 4th quarter. Raiffeisen Bank International AG now owns 142 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 37 shares during the last quarter. Finally, Knuff & Co LLC bought a new stake in Public Storage during the fourth quarter valued at about $38,000. Institutional investors own 78.79% of the company’s stock.

Insider Buying and Selling

In other Public Storage news, insider Nathaniel A. Vitan sold 950 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $324.81, for a total value of $308,569.50. Following the completion of the sale, the insider directly owned 1,414 shares in the company, valued at approximately $459,281.34. This trade represents a 40.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 11.10% of the company’s stock.

Public Storage Stock Performance

Shares of PSA opened at $328.82 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 2.06. The firm has a market cap of $57.75 billion, a PE ratio of 31.38, a P/E/G ratio of 3.81 and a beta of 0.96. Public Storage has a 12 month low of $256.54 and a 12 month high of $335.55. The stock has a fifty day moving average price of $321.83 and a 200-day moving average price of $304.42.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 6th. Investors of record on Tuesday, September 15th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Public Storage’s dividend payout ratio is currently 114.50%.

Analysts Set New Price Targets

PSA has been the topic of several analyst reports. UBS Group lifted their target price on Public Storage from $314.00 to $326.00 and gave the company a “neutral” rating in a research note on Friday, July 10th. Raymond James Financial began coverage on shares of Public Storage in a research report on Thursday, July 16th. They set a “market perform” rating for the company. Evercore set a $316.00 price target on shares of Public Storage in a report on Monday, July 6th. Barclays reaffirmed an “equal weight” rating and issued a $349.00 price objective on shares of Public Storage in a research report on Friday, July 10th. Finally, Weiss Ratings upgraded shares of Public Storage from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, June 12th. Seven investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $326.05.

Public Storage 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.