NorthRock Partners LLC Sells 205 Shares of Public Storage (NYSE:PSA)

NorthRock Partners LLC trimmed its holdings in shares of Public Storage (NYSE:PSAGet Rating) by 21.0% in the third quarter, HoldingsChannel reports. The institutional investor owned 773 shares of the real estate investment trust’s stock after selling 205 shares during the quarter. NorthRock Partners LLC’s holdings in Public Storage were worth $226,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Goldman Sachs Group Inc. grew its holdings in Public Storage by 73.1% during the second quarter. Goldman Sachs Group Inc. now owns 1,249,692 shares of the real estate investment trust’s stock valued at $390,742,000 after purchasing an additional 527,777 shares during the period. FMR LLC grew its holdings in Public Storage by 44.3% during the second quarter. FMR LLC now owns 1,412,624 shares of the real estate investment trust’s stock valued at $441,685,000 after purchasing an additional 433,737 shares during the period. Great West Life Assurance Co. Can acquired a new position in Public Storage during the third quarter valued at approximately $118,942,000. Aew Capital Management L P grew its holdings in Public Storage by 181.2% during the second quarter. Aew Capital Management L P now owns 334,475 shares of the real estate investment trust’s stock valued at $104,580,000 after purchasing an additional 215,550 shares during the period. Finally, Montrusco Bolton Investments Inc. acquired a new position in Public Storage during the second quarter valued at approximately $51,364,000. 77.88% of the stock is owned by institutional investors.

Public Storage Stock Performance

Shares of PSA opened at $291.60 on Wednesday. Public Storage has a 12 month low of $270.13 and a 12 month high of $421.76. The firm has a fifty day simple moving average of $289.71 and a 200 day simple moving average of $306.40. The stock has a market capitalization of $51.22 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 2.25 and a beta of 0.39. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 1.17.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 29th. Investors of record on Wednesday, December 14th were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 2.74%. The ex-dividend date was Tuesday, December 13th. Public Storage’s payout ratio is 32.52%.

Insider Buying and Selling

In other Public Storage news, CEO Joseph D. Russell, Jr. bought 2,500 shares of Public Storage stock in a transaction that occurred on Monday, December 12th. The stock was acquired at an average price of $297.65 per share, for a total transaction of $744,125.00. Following the completion of the acquisition, the chief executive officer now owns 45,982 shares of the company’s stock, valued at approximately $13,686,542.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PSA has been the subject of a number of analyst reports. Morgan Stanley decreased their price objective on shares of Public Storage from $298.00 to $290.00 and set an “equal weight” rating for the company in a report on Thursday, October 13th. StockNews.com started coverage on shares of Public Storage in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Raymond James cut shares of Public Storage from an “outperform” rating to a “market perform” rating in a report on Monday, January 9th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage has a consensus rating of “Hold” and an average price target of $368.91.

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.

Further Reading

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

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