MUFG Americas Holdings Corp Decreases Position in Public Storage (NYSE:PSA)

MUFG Americas Holdings Corp cut its stake in Public Storage (NYSE:PSAGet Rating) by 12.3% during the first quarter, HoldingsChannel reports. The institutional investor owned 2,345 shares of the real estate investment trust’s stock after selling 330 shares during the quarter. MUFG Americas Holdings Corp’s holdings in Public Storage were worth $915,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of PSA. BlackRock Inc. increased its holdings in shares of Public Storage by 2.7% during the 4th quarter. BlackRock Inc. now owns 17,255,693 shares of the real estate investment trust’s stock worth $6,463,290,000 after buying an additional 456,793 shares during the last quarter. State Street Corp increased its holdings in Public Storage by 6.1% in the 4th quarter. State Street Corp now owns 10,581,880 shares of the real estate investment trust’s stock valued at $3,963,549,000 after purchasing an additional 608,871 shares during the last quarter. Geode Capital Management LLC increased its holdings in Public Storage by 2.1% in 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. Northern Trust Corp grew its stake in shares of Public Storage by 18.2% in the fourth quarter. Northern Trust Corp now owns 2,792,588 shares of the real estate investment trust’s stock worth $1,045,992,000 after acquiring an additional 430,899 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Public Storage in the fourth quarter worth $735,608,000. 78.54% of the stock is owned by hedge funds and other institutional investors.

Public Storage Trading Up 2.3 %

Shares of NYSE:PSA opened at $328.40 on Thursday. The company has a market cap of $57.62 billion, a PE ratio of 31.91, a P/E/G ratio of 2.95 and a beta of 0.34. The company’s 50-day moving average price is $316.49 and its 200 day moving average price is $347.84. Public Storage has a fifty-two week low of $292.32 and a fifty-two week high of $421.76. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 1.39.

Public Storage (NYSE:PSAGet Rating) last released its earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 EPS for the quarter, missing the consensus estimate of $3.59 by ($0.96). The company 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 firm’s quarterly revenue was up 15.8% on a year-over-year basis. During the same period in the previous year, the business posted $2.82 EPS. Sell-side analysts anticipate that Public Storage will post 15.56 earnings per share for the current year.

Public Storage Increases Dividend

The company also recently announced a None dividend, which will be paid on Thursday, August 4th. Stockholders of record on Monday, August 1st will be given a $13.15 dividend. This is an increase from Public Storage’s previous None dividend of $2.00. The ex-dividend date of this dividend is Friday, July 29th. Public Storage’s dividend payout ratio (DPR) is 77.75%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group lifted their price objective 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. Truist Financial reduced their target price on shares of Public Storage from $425.00 to $385.00 and set a “buy” rating for the company in a report on Wednesday, June 1st. Evercore ISI set a $348.00 price target on shares of Public Storage in a research note on Monday, June 20th. Morgan Stanley dropped their price target on shares of Public Storage from $357.00 to $298.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 25th. Finally, Stifel Nicolaus lowered their target price on shares of Public Storage from $410.00 to $360.00 in a research report on Tuesday, June 21st. Six investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $366.08.

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.

Further Reading

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

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