AlphaCrest Capital Management LLC raised its stake in Public Storage (NYSE:PSA – Get Rating) by 58.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,976 shares of the real estate investment trust’s stock after buying an additional 4,422 shares during the quarter. AlphaCrest Capital Management LLC’s holdings in Public Storage were worth $3,745,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Marshall & Sullivan Inc. WA acquired a new position in Public Storage in the second quarter valued at about $26,000. American National Bank lifted its position in Public Storage by 180.0% in the second quarter. American National Bank now owns 84 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 54 shares during the last quarter. Wellington Shields Capital Management LLC acquired a new position in Public Storage in the first quarter valued at about $38,000. Benjamin F. Edwards & Company Inc. lifted its position in shares of 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 worth $40,000 after purchasing an additional 88 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Public Storage during the first quarter worth about $47,000. Institutional investors and hedge funds own 78.19% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts have recently issued reports on the stock. UBS Group reduced their price target on shares of Public Storage from $390.00 to $336.00 and set a “neutral” rating on the stock in a research report on Monday, July 25th. Morgan Stanley reduced their price target on shares of Public Storage from $298.00 to $290.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 13th. Raymond James cut shares of Public Storage from a “strong-buy” rating to an “outperform” rating and increased their price target for the stock from $365.00 to $380.00 in a research report on Tuesday, August 16th. Evercore ISI reduced their price target on shares of Public Storage from $333.00 to $327.00 and set an “in-line” rating on the stock in a research report on Monday, September 19th. Finally, StockNews.com assumed coverage on shares of Public Storage in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $368.91.
Public Storage Stock Performance
Public Storage Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Wednesday, December 14th will be issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend is Tuesday, December 13th. Public Storage’s dividend payout ratio (DPR) is currently 32.52%.
Public Storage Profile
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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