Public Storage (NYSE:PSA) Shares Acquired by Hartford Investment Management Co.

Hartford Investment Management Co. raised its stake in shares of Public Storage (NYSE:PSAGet Rating) by 5.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,321 shares of the real estate investment trust’s stock after acquiring an additional 861 shares during the period. Hartford Investment Management Co.’s holdings in Public Storage were worth $5,072,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in PSA. Goldman Sachs Group Inc. raised its holdings in Public Storage by 73.1% in 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 buying an additional 527,777 shares during the period. FMR LLC lifted its stake in Public Storage by 44.3% in 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 buying an additional 433,737 shares during the last quarter. Great West Life Assurance Co. Can bought a new stake in shares of Public Storage during the third quarter valued at about $118,942,000. Aew Capital Management L P raised its stake in shares of 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 in the last quarter. Finally, PGGM Investments acquired a new position in Public Storage during the third quarter worth about $51,570,000. Institutional investors and hedge funds own 77.88% of the company’s stock.

Insider Activity

In related news, CEO Joseph D. Russell, Jr. bought 2,500 shares of the stock in a transaction on Monday, December 12th. The shares were bought at an average cost of $297.65 per share, for a total transaction of $744,125.00. Following the completion of the transaction, the chief executive officer now owns 45,982 shares of the company’s stock, valued at approximately $13,686,542.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 11.00% of the company’s stock.

Public Storage Stock Down 1.8 %

Shares of NYSE PSA opened at $290.87 on Tuesday. Public Storage has a 12-month low of $270.13 and a 12-month high of $421.76. The stock’s fifty day simple moving average is $289.61 and its two-hundred day simple moving average is $306.58. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $51.09 billion, a PE ratio of 11.82, a price-to-earnings-growth ratio of 2.25 and a beta of 0.39.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 29th. Stockholders of record on Wednesday, December 14th were issued a $2.00 dividend. The ex-dividend date of this dividend was Tuesday, December 13th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.75%. Public Storage’s payout ratio is 32.52%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Evercore ISI reduced their price target on Public Storage from $333.00 to $327.00 and set an “in-line” rating for the company in a report on Monday, September 19th. Morgan Stanley decreased their price objective 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. Raymond James cut Public Storage from an “outperform” rating to a “market perform” rating in a research note on Monday, January 9th. Finally, StockNews.com initiated coverage on shares of Public Storage in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $368.91.

Public Storage Company 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.

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

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