Public Storage (NYSE:PSA) Shares Sold by Cibc World Market Inc.

Cibc World Market Inc. reduced its stake in Public Storage (NYSE:PSAGet Rating) by 13.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,641 shares of the real estate investment trust’s stock after selling 2,022 shares during the quarter. Cibc World Market Inc.’s holdings in Public Storage were worth $3,952,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. National Asset Management Inc. grew its holdings in Public Storage by 5.2% in the 1st quarter. National Asset Management Inc. now owns 1,620 shares of the real estate investment trust’s stock valued at $632,000 after buying an additional 80 shares in the last quarter. AdvisorNet Financial Inc grew its holdings in Public Storage by 3.8% in the 2nd quarter. AdvisorNet Financial Inc now owns 1,168 shares of the real estate investment trust’s stock valued at $365,000 after buying an additional 43 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its holdings in Public Storage by 4.8% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 3,097 shares of the real estate investment trust’s stock valued at $968,000 after buying an additional 141 shares in the last quarter. EHP Funds Inc. purchased a new stake in Public Storage in the 1st quarter valued at $4,449,000. Finally, Regentatlantic Capital LLC purchased a new position in shares of Public Storage during the 1st quarter worth $218,000. 78.19% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Shares of Public Storage stock opened at $289.38 on Friday. The business has a 50-day moving average of $296.78 and a 200 day moving average of $315.53. Public Storage has a 12 month low of $270.73 and a 12 month high of $421.76. The stock has a market capitalization of $50.83 billion, a price-to-earnings ratio of 11.76, a price-to-earnings-growth ratio of 2.43 and a beta of 0.40. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.50 and a quick ratio of 1.50.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Wednesday, December 14th will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date is Tuesday, December 13th. Public Storage’s dividend payout ratio is currently 32.52%.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of research analyst reports. Citigroup reiterated a “buy” rating and set a $367.00 price target on shares of Public Storage in a report on Thursday, July 28th. UBS Group lowered their price target on Public Storage from $390.00 to $336.00 and set a “neutral” rating for the company in a report on Monday, July 25th. Morgan Stanley lowered their price target on Public Storage from $298.00 to $290.00 and set an “equal weight” rating for the company in a report on Thursday, October 13th. Evercore ISI lowered 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. Finally, Raymond James cut Public Storage from a “strong-buy” rating to an “outperform” rating and increased their price target for the stock from $365.00 to $380.00 in a report on Tuesday, August 16th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Public Storage has an average rating of “Moderate Buy” and a consensus target price of $368.91.

Insider Buying and Selling at Public Storage

In other Public Storage news, Director Tamara Hughes Gustavson sold 203 shares of the stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $348.29, for a total value of $70,702.87. Following the sale, the director now owns 5,500 shares of the company’s stock, valued at approximately $1,915,595. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 11.00% of the stock is owned by corporate insiders.

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.

See Also

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

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