JustInvest LLC lifted its stake in Public Storage (NYSE:PSA – Get Rating) by 29.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,960 shares of the real estate investment trust’s stock after purchasing an additional 896 shares during the period. JustInvest LLC’s holdings in Public Storage were worth $1,483,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of PSA. OLD Mission Capital LLC acquired a new stake in shares of Public Storage in the third quarter valued at approximately $5,722,000. MML Investors Services LLC increased its holdings in shares of Public Storage by 5.2% in the third quarter. MML Investors Services LLC now owns 2,455 shares of the real estate investment trust’s stock valued at $729,000 after purchasing an additional 122 shares in the last quarter. LPL Financial LLC grew its holdings in Public Storage by 6.4% during the 3rd quarter. LPL Financial LLC now owns 57,182 shares of the real estate investment trust’s stock worth $16,989,000 after acquiring an additional 3,451 shares during the period. Verition Fund Management LLC acquired a new stake in Public Storage during the 3rd quarter worth $227,000. Finally, Voloridge Investment Management LLC acquired a new stake in Public Storage during the 3rd quarter worth $11,834,000. 78.54% of the stock is owned by institutional investors and hedge funds.
PSA opened at $298.54 on Friday. The stock has a market capitalization of $52.38 billion, a P/E ratio of 29.01, a P/E/G ratio of 2.75 and a beta of 0.29. Public Storage has a 12 month low of $292.32 and a 12 month high of $421.76. The firm’s fifty day simple moving average is $346.36 and its 200 day simple moving average is $357.74. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 1.39.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Wednesday, June 15th will be given a $2.00 dividend. The ex-dividend date of this dividend is Tuesday, June 14th. This represents a $8.00 annualized dividend and a yield of 2.68%. Public Storage’s dividend payout ratio is currently 77.75%.
A number of analysts have commented on the stock. Raymond James lowered their target price on shares of Public Storage from $375.00 to $365.00 in a report on Monday, May 23rd. The Goldman Sachs Group lifted their target price on shares of Public Storage from $398.00 to $440.00 and gave the stock a “neutral” rating in a report on Thursday, April 14th. JPMorgan Chase & Co. lifted their target price on shares of Public Storage from $385.00 to $434.00 and gave the stock an “overweight” rating in a report on Monday, April 4th. Morgan Stanley lowered their target price on shares of Public Storage from $357.00 to $298.00 and set an “equal weight” rating for the company in a report on Wednesday, May 25th. Finally, BMO Capital Markets raised shares of Public Storage from a “market perform” rating to an “outperform” rating and decreased their price target for the company from $410.00 to $370.00 in a report on Thursday, May 19th. 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 company’s stock. According to data from MarketBeat, Public Storage currently has an average rating of “Buy” and a consensus price target of $372.91.
Public Storage Company Profile (Get Rating)
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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