Public Storage (NYSE:PSA) Shares Bought by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. boosted its position in shares of Public Storage (NYSE:PSAGet Rating) by 20.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,039 shares of the real estate investment trust’s stock after acquiring an additional 177 shares during the period. Pinnacle Associates Ltd.’s holdings in Public Storage were worth $304,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of PSA. AMI Investment Management Inc. purchased a new stake in shares of Public Storage during the 1st quarter worth approximately $267,000. Blair William & Co. IL lifted its position in shares of Public Storage by 7.3% during the 1st quarter. Blair William & Co. IL now owns 2,668 shares of the real estate investment trust’s stock worth $1,041,000 after buying an additional 182 shares during the last quarter. Prudential PLC purchased a new stake in shares of Public Storage during the 1st quarter worth approximately $1,374,000. Sequoia Financial Advisors LLC purchased a new stake in shares of Public Storage during the 1st quarter worth approximately $398,000. Finally, Candriam Luxembourg S.C.A. lifted its position in shares of Public Storage by 19.0% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 13,506 shares of the real estate investment trust’s stock worth $5,271,000 after buying an additional 2,156 shares during the last quarter. Hedge funds and other institutional investors own 77.88% of the company’s stock.

Public Storage Stock Up 0.3 %

Shares of Public Storage stock opened at $291.60 on Wednesday. The company has a market cap of $51.22 billion, a P/E ratio of 11.85, a PEG ratio of 2.25 and a beta of 0.39. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.50 and a current ratio of 1.50. Public Storage has a one year low of $270.13 and a one year high of $421.76. The firm has a fifty day moving average of $289.71 and a two-hundred day moving average of $306.40.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 29th. Shareholders of record on Wednesday, December 14th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Tuesday, December 13th. This represents a $8.00 dividend on an annualized basis and a yield of 2.74%. Public Storage’s payout ratio is currently 32.52%.

Insiders Place Their Bets

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

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Morgan Stanley reduced 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 research report on Thursday, October 13th. Raymond James downgraded shares of Public Storage from an “outperform” rating to a “market perform” rating in a research report on Monday, January 9th. Finally, StockNews.com initiated coverage on shares of Public Storage in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Public Storage presently has an average rating of “Hold” and a consensus target price of $368.91.

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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