DnB Asset Management AS Purchases 79 Shares of Public Storage (NYSE:PSA)

DnB Asset Management AS raised its stake in shares of Public Storage (NYSE:PSAGet Rating) by 0.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,101 shares of the real estate investment trust’s stock after acquiring an additional 79 shares during the period. DnB Asset Management AS’s holdings in Public Storage were worth $9,099,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. MAI Capital Management purchased a new stake in shares of Public Storage during the 4th quarter valued at $277,000. O Shaughnessy Asset Management LLC increased its position in shares of Public Storage by 79.0% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 4,757 shares of the real estate investment trust’s stock valued at $1,782,000 after purchasing an additional 2,099 shares during the last quarter. Level Four Advisory Services LLC purchased a new stake in shares of Public Storage during the 4th quarter valued at $294,000. Geode Capital Management LLC increased its position in shares of Public Storage by 2.1% during the 4th quarter. Geode Capital Management LLC now owns 3,183,181 shares of the real estate investment trust’s stock valued at $1,189,857,000 after purchasing an additional 66,728 shares during the last quarter. Finally, Hoylecohen LLC increased its position in shares of Public Storage by 14.0% during the 4th quarter. Hoylecohen LLC now owns 1,841 shares of the real estate investment trust’s stock valued at $689,000 after purchasing an additional 226 shares during the last quarter. 78.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PSA. StockNews.com raised Public Storage from a “hold” rating to a “buy” rating in a research report on Monday, September 12th. Citigroup reaffirmed a “buy” rating and set a $367.00 target price on shares of Public Storage in a research report on Thursday, July 28th. Truist Financial cut their target price on Public Storage from $425.00 to $385.00 and set a “buy” rating for the company in a research note on Wednesday, June 1st. UBS Group cut their target price on Public Storage from $390.00 to $336.00 and set a “neutral” rating for the company in a research note on Monday, July 25th. Finally, Evercore ISI set a $348.00 target price on Public Storage in a research note on Monday, June 20th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $367.33.

Insider Activity

In other news, Director John Reyes sold 51,637 shares of Public Storage stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $353.15, for a total transaction of $18,235,606.55. Following the completion of the sale, the director now owns 175,449 shares in the company, valued at approximately $61,959,814.35. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director John Reyes sold 51,637 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $353.15, for a total value of $18,235,606.55. Following the completion of the sale, the director now owns 175,449 shares in the company, valued at approximately $61,959,814.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $70,702.87. Following the completion of the sale, the director now owns 5,500 shares of the company’s stock, valued at approximately $1,915,595. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,670 shares of company stock worth $18,599,374. 11.00% of the stock is currently owned by insiders.

Public Storage Stock Performance

Shares of PSA opened at $313.15 on Friday. The company has a market cap of $54.95 billion, a PE ratio of 26.67, a price-to-earnings-growth ratio of 2.86 and a beta of 0.33. The company has a current ratio of 2.14, a quick ratio of 2.14 and a debt-to-equity ratio of 1.29. The stock has a 50-day moving average price of $332.11 and a 200-day moving average price of $344.22. Public Storage has a 12-month low of $292.32 and a 12-month high of $421.76.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Wednesday, September 14th will be given a dividend of $2.00 per share. The ex-dividend date is Tuesday, September 13th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.55%. Public Storage’s dividend payout ratio (DPR) is presently 68.14%.

Public Storage Profile

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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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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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