Cerity Partners LLC increased its stake in shares of Public Storage (NYSE:PSA – Get Rating) by 196.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,778 shares of the real estate investment trust’s stock after buying an additional 1,842 shares during the quarter. Cerity Partners LLC’s holdings in Public Storage were worth $869,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the business. Marshall & Sullivan Inc. WA acquired a new stake in shares of Public Storage in the second quarter valued at $26,000. American National Bank lifted its holdings in shares of Public Storage by 180.0% in the second quarter. American National Bank now owns 84 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 54 shares during the period. Wellington Shields Capital Management LLC acquired a new stake in shares of Public Storage in the first quarter valued at $38,000. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Public Storage by 586.7% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 103 shares of the real estate investment trust’s stock valued at $40,000 after buying an additional 88 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Public Storage in the first quarter valued at $47,000. Institutional investors own 78.19% of the company’s stock.
Analyst Upgrades and Downgrades
PSA has been the subject of several analyst reports. Citigroup reaffirmed a “buy” rating and set a $367.00 target price on shares of Public Storage in a report on Thursday, July 28th. Evercore ISI reduced their target price 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. UBS Group reduced their price objective on Public Storage from $390.00 to $336.00 and set a “neutral” rating for the company in a research note on Monday, July 25th. Raymond James downgraded Public Storage from a “strong-buy” rating to an “outperform” rating and increased their price objective for the stock from $365.00 to $380.00 in a research note on Tuesday, August 16th. Finally, Morgan Stanley reduced their price objective on Public Storage from $298.00 to $290.00 and set an “equal weight” rating for the company in a research note on Thursday, October 13th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $368.91.
Insiders Place Their Bets
Public Storage Stock Up 0.7 %
Shares of Public Storage stock opened at $291.10 on Thursday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 1.17. Public Storage has a 12 month low of $270.73 and a 12 month high of $421.76. The business has a fifty day simple moving average of $297.78 and a 200 day simple moving average of $315.71. The stock has a market cap of $51.13 billion, a PE ratio of 11.83, a price-to-earnings-growth ratio of 2.41 and a beta of 0.40.
Public Storage Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Investors of record on Wednesday, December 14th will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.75%. Public Storage’s dividend payout ratio (DPR) is presently 32.52%.
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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