Norway Savings Bank Makes New $27,000 Investment in Public Storage (NYSE:PSA)


Share on StockTwits

Norway Savings Bank purchased a new position in shares of Public Storage (NYSE:PSA) during the fourth quarter, HoldingsChannel reports. The firm purchased 115 shares of the real estate investment trust’s stock, valued at approximately $27,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. BlackRock Inc. increased its position in Public Storage by 1.0% during the third quarter. BlackRock Inc. now owns 16,965,475 shares of the real estate investment trust’s stock worth $3,778,551,000 after buying an additional 165,877 shares during the last quarter. JPMorgan Chase & Co. increased its position in Public Storage by 35.8% during the third quarter. JPMorgan Chase & Co. now owns 4,381,966 shares of the real estate investment trust’s stock worth $968,021,000 after buying an additional 1,154,458 shares during the last quarter. Daiwa Securities Group Inc. increased its position in Public Storage by 16.8% during the third quarter. Daiwa Securities Group Inc. now owns 2,645,277 shares of the real estate investment trust’s stock worth $589,156,000 after buying an additional 380,030 shares during the last quarter. Nuveen Asset Management LLC increased its position in Public Storage by 4.9% during the third quarter. Nuveen Asset Management LLC now owns 1,532,833 shares of the real estate investment trust’s stock worth $341,392,000 after buying an additional 71,285 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. increased its position in Public Storage by 25.9% during the third quarter. Diamond Hill Capital Management Inc. now owns 768,819 shares of the real estate investment trust’s stock worth $171,231,000 after buying an additional 158,140 shares during the last quarter. 79.01% of the stock is currently owned by hedge funds and other institutional investors.

PSA has been the topic of a number of recent analyst reports. Raymond James downgraded Public Storage from a “market perform” rating to an “underperform” rating in a research report on Tuesday, October 6th. Morgan Stanley upped their target price on Public Storage from $203.00 to $221.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 9th. BidaskClub downgraded Public Storage from a “hold” rating to a “sell” rating in a research report on Thursday, December 31st. Finally, Truist upped their target price on Public Storage from $205.00 to $233.00 in a research report on Thursday, December 31st. Five analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $213.40.

Shares of NYSE:PSA opened at $224.79 on Thursday. The company has a market capitalization of $39.30 billion, a P/E ratio of 32.11, a P/E/G ratio of 6.62 and a beta of 0.13. Public Storage has a 1 year low of $155.37 and a 1 year high of $240.75. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.21 and a quick ratio of 3.21. The business’s 50 day simple moving average is $224.64 and its 200 day simple moving average is $216.81.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, November 4th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.60 by ($1.19). The company had revenue of $730.66 million for the quarter, compared to analyst estimates of $728.78 million. Public Storage had a return on equity of 28.12% and a net margin of 48.65%. The company’s quarterly revenue was up .2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.73 EPS. On average, sell-side analysts anticipate that Public Storage will post 10.41 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 30th. Investors of record on Tuesday, December 15th were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date was Monday, December 14th. Public Storage’s dividend payout ratio is currently 74.42%.

Public Storage Profile

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 ÂShurgard 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.

Read More: Beige Book

Want to see what other hedge funds are holding PSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Storage (NYSE:PSA).

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

Receive News & Ratings for Public Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Storage and related companies with MarketBeat.com's FREE daily email newsletter.