Desjardins Global Asset Management Inc. bought a new position in shares of Public Storage (NYSE:PSA – Get Rating) in the second quarter, Holdings Channel.com reports. The institutional investor bought 476 shares of the real estate investment trust’s stock, valued at approximately $148,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Marshall & Sullivan Inc. WA acquired a new stake in shares of Public Storage during the second quarter worth about $26,000. American National Bank raised its position in Public Storage by 180.0% during the second quarter. American National Bank now owns 84 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 54 shares in the last quarter. Wellington Shields Capital Management LLC purchased a new position in Public Storage during the first quarter valued at approximately $38,000. Benjamin F. Edwards & Company Inc. raised its position in Public Storage by 586.7% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 103 shares of the real estate investment trust’s stock valued at $40,000 after acquiring an additional 88 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new position in Public Storage during the first quarter valued at approximately $47,000. Institutional investors and hedge funds own 78.19% of the company’s stock.
Public Storage Stock Down 0.6 %
Public Storage stock opened at $289.10 on Wednesday. The stock has a market capitalization of $50.78 billion, a PE ratio of 11.75, a price-to-earnings-growth ratio of 2.52 and a beta of 0.40. Public Storage has a 12 month low of $270.73 and a 12 month high of $421.76. The business has a 50 day simple moving average of $298.80 and a 200-day simple moving average of $315.88. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.50 and a quick ratio of 1.50.
Public Storage Announces Dividend
Insider Buying and Selling
In related news, Director Tamara Hughes Gustavson sold 203 shares of the business’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $348.29, for a total transaction of $70,702.87. Following the completion of the sale, the director now directly owns 5,500 shares in the company, valued at $1,915,595. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.00% of the stock is owned by company insiders.
Analyst Ratings Changes
Several research analysts recently weighed in on PSA shares. Morgan Stanley reduced their price target on Public Storage from $298.00 to $290.00 and set an “equal weight” rating for the company in a research report on Thursday, October 13th. Evercore ISI reduced their price target on Public Storage from $333.00 to $327.00 and set an “in-line” rating for the company in a research report on Monday, September 19th. Raymond James cut Public Storage from a “strong-buy” rating to an “outperform” rating and lifted their price target for the company from $365.00 to $380.00 in a research report on Tuesday, August 16th. Citigroup reiterated a “buy” rating and set a $367.00 price target on shares of Public Storage in a research report on Thursday, July 28th. Finally, StockNews.com began coverage on Public Storage in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $368.91.
About Public Storage
Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020.
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