Jacobi Capital Management LLC grew its holdings in Public Storage (NYSE:PSA – Get Rating) by 2.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,423 shares of the real estate investment trust’s stock after buying an additional 31 shares during the quarter. Jacobi Capital Management LLC’s holdings in Public Storage were worth $555,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of PSA. BlackRock Inc. increased its stake in Public Storage by 2.7% in the 4th quarter. BlackRock Inc. now owns 17,255,693 shares of the real estate investment trust’s stock valued at $6,463,290,000 after purchasing an additional 456,793 shares in the last quarter. State Street Corp increased its stake 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 in the last quarter. Geode Capital Management LLC increased its stake 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 in the last quarter. Northern Trust Corp increased its stake in Public Storage by 18.2% in the 4th quarter. Northern Trust Corp now owns 2,792,588 shares of the real estate investment trust’s stock valued at $1,045,992,000 after purchasing an additional 430,899 shares in the last quarter. Finally, Norges Bank purchased a new position in Public Storage during the fourth quarter worth $735,608,000. 78.54% of the stock is owned by institutional investors and hedge funds.
Public Storage Price Performance
Shares of NYSE:PSA opened at $331.20 on Friday. Public Storage has a 12-month low of $292.32 and a 12-month 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. The company has a market cap of $58.11 billion, a P/E ratio of 28.21, a price-to-earnings-growth ratio of 3.01 and a beta of 0.34. The company’s fifty day moving average is $316.49 and its two-hundred day moving average is $347.43.
Public Storage Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, September 14th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.42%. Public Storage’s dividend payout ratio (DPR) is 68.14%.
Analyst Upgrades and Downgrades
Several research firms have weighed in on PSA. BMO Capital Markets raised Public Storage from a “market perform” rating to an “outperform” rating and dropped their price target for the stock from $410.00 to $370.00 in a research report on Thursday, May 19th. Stifel Nicolaus decreased their price objective on Public Storage from $410.00 to $360.00 in a report on Tuesday, June 21st. Citigroup restated a “buy” rating and set a $367.00 price objective on shares of Public Storage in a report on Thursday, July 28th. Jefferies Financial Group reduced their price objective on Public Storage from $465.00 to $369.00 and set a “buy” rating on the stock in a research note on Thursday, June 30th. Finally, Truist Financial dropped their target price on Public Storage from $425.00 to $385.00 and set a “buy” rating on the stock in a research report on Wednesday, June 1st. Six analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $366.08.
Public Storage Company 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 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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