JPMorgan Chase & Co. trimmed its holdings in shares of Public Storage (NYSE:PSA – Get Rating) by 7.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,581,780 shares of the real estate investment trust’s stock after selling 199,883 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.47% of Public Storage worth $807,244,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. Marshall & Sullivan Inc. WA purchased a new position in Public Storage during the second quarter valued at approximately $26,000. American National Bank increased its holdings 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 buying an additional 54 shares during the period. 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. increased its holdings 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 buying an additional 88 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new position in Public Storage during the first quarter valued at approximately $47,000. 78.19% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
PSA has been the topic of several analyst reports. UBS Group cut their price target on shares of Public Storage from $390.00 to $336.00 and set a “neutral” rating on the stock in a report on Monday, July 25th. Raymond James lowered shares of Public Storage from a “strong-buy” rating to an “outperform” rating and lifted their price target for the stock from $365.00 to $380.00 in a report on Tuesday, August 16th. Citigroup reaffirmed a “buy” rating and issued a $367.00 price target on shares of Public Storage in a report on Thursday, July 28th. Evercore ISI cut 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 report on Monday, September 19th. Finally, Morgan Stanley cut 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 report on Thursday, October 13th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $368.91.
Insider Activity at Public Storage
Public Storage Trading Up 0.7 %
NYSE PSA opened at $291.10 on Thursday. The company has a market capitalization of $51.13 billion, a PE ratio of 11.83, a P/E/G ratio of 2.41 and a beta of 0.40. The company has a fifty day moving average of $297.78 and a 200 day moving average of $315.71. Public Storage has a 1 year low of $270.73 and a 1 year high of $421.76. 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 Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 29th. Investors of record on Wednesday, December 14th will be given a dividend of $2.00 per share. The ex-dividend date is Tuesday, December 13th. This represents a $8.00 dividend on an annualized basis and a yield of 2.75%. Public Storage’s dividend payout ratio is presently 32.52%.
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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