Grimes & Company Inc. Sells 52 Shares of Public Storage (NYSE:PSA)

Grimes & Company Inc. reduced its position in Public Storage (NYSE:PSAGet Rating) by 8.4% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 570 shares of the real estate investment trust’s stock after selling 52 shares during the period. Grimes & Company Inc.’s holdings in Public Storage were worth $222,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PSA. EverSource Wealth Advisors LLC acquired a new stake in Public Storage in the 4th quarter worth approximately $25,000. Mystic Asset Management Inc. acquired a new stake in Public Storage in the 4th quarter worth approximately $26,000. Lee Financial Co acquired a new stake in Public Storage in the 4th quarter worth approximately $27,000. Investors Research Corp boosted its stake in Public Storage by 102.5% in the 1st quarter. Investors Research Corp now owns 81 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 41 shares in the last quarter. Finally, Stonebridge Capital Advisors LLC boosted its stake in Public Storage by 119.0% in the 4th quarter. Stonebridge Capital Advisors LLC now owns 92 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 50 shares in the last quarter. 78.54% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on PSA shares. Truist Financial reduced their price target on shares of Public Storage from $425.00 to $385.00 and set a “buy” rating for the company in a research report on Wednesday, June 1st. UBS Group reduced their price target on shares of Public Storage from $390.00 to $336.00 and set a “neutral” rating for the company in a research report on Monday, July 25th. Raymond James reduced their price target on shares of Public Storage from $375.00 to $365.00 in a research report on Monday, May 23rd. The Goldman Sachs Group raised their price target on shares of Public Storage from $398.00 to $440.00 and gave the stock a “neutral” rating in a research report on Thursday, April 14th. Finally, Citigroup reaffirmed a “buy” rating and set a $367.00 target price on shares of Public Storage in a report on Thursday, July 28th. Six investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $366.08.

Public Storage Trading Up 0.7 %

Shares of PSA opened at $330.57 on Friday. The firm’s fifty day moving average is $316.58 and its two-hundred day moving average is $347.63. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 1.39. The stock has a market cap of $58.00 billion, a PE ratio of 32.13, a price-to-earnings-growth ratio of 2.99 and a beta of 0.34. Public Storage has a 52-week low of $292.32 and a 52-week high of $421.76.

Public Storage (NYSE:PSAGet Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 earnings per share for the quarter, missing the consensus estimate of $3.59 by ($0.96). The firm had revenue of $749.27 million for the quarter, compared to analyst estimates of $985.58 million. Public Storage had a net margin of 54.79% and a return on equity of 38.01%. The company’s revenue was up 15.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.82 EPS. Research analysts forecast that Public Storage will post 15.56 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, September 14th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 2.42%. Public Storage’s dividend payout ratio (DPR) is currently 77.75%.

About Public Storage

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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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