Eagle Asset Management Inc. boosted its stake in shares of Public Storage (NYSE:PSA – Get Rating) by 41.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,798 shares of the real estate investment trust’s stock after purchasing an additional 2,568 shares during the period. Eagle Asset Management Inc.’s holdings in Public Storage were worth $2,750,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PSA. State Street Corp grew its position in Public Storage by 10.3% during the first quarter. State Street Corp now owns 11,667,458 shares of the real estate investment trust’s stock valued at $4,553,576,000 after purchasing an additional 1,085,578 shares in the last quarter. JPMorgan Chase & Co. grew its position in Public Storage by 15.0% during the first quarter. JPMorgan Chase & Co. now owns 2,781,663 shares of the real estate investment trust’s stock valued at $1,085,625,000 after purchasing an additional 362,327 shares in the last quarter. Russell Investments Group Ltd. grew its position in Public Storage by 54.9% during the first quarter. Russell Investments Group Ltd. now owns 939,881 shares of the real estate investment trust’s stock valued at $367,331,000 after purchasing an additional 333,170 shares in the last quarter. Vanguard Group Inc. grew its position in Public Storage by 1.4% during the first quarter. Vanguard Group Inc. now owns 20,359,277 shares of the real estate investment trust’s stock valued at $7,945,819,000 after purchasing an additional 275,264 shares in the last quarter. Finally, American Century Companies Inc. grew its position in Public Storage by 931.5% during the first quarter. American Century Companies Inc. now owns 300,574 shares of the real estate investment trust’s stock valued at $117,309,000 after purchasing an additional 271,434 shares in the last quarter. 78.19% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on the stock. Citigroup reaffirmed a “buy” rating and set a $367.00 price objective on shares of Public Storage in a research report on Thursday, July 28th. Evercore ISI reduced their target price on shares of Public Storage from $333.00 to $327.00 and set an “in-line” rating for the company in a research note on Monday, September 19th. Raymond James cut shares of Public Storage from a “strong-buy” rating to an “outperform” rating and lifted their target price for the company from $365.00 to $380.00 in a research note on Tuesday, August 16th. Morgan Stanley reduced their target price on shares of 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. Finally, UBS Group reduced their target price on shares of Public Storage from $390.00 to $336.00 and set a “neutral” rating for the company in a research note on Monday, July 25th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $368.91.
Insider Transactions at Public Storage
Public Storage Price Performance
Shares of Public Storage stock opened at $289.38 on Friday. The firm has a fifty day simple moving average of $296.78 and a 200-day simple moving average of $315.53. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 1.17. Public Storage has a 1-year low of $270.73 and a 1-year high of $421.76. The stock has a market capitalization of $50.83 billion, a price-to-earnings ratio of 11.76, a PEG ratio of 2.43 and a beta of 0.40.
Public Storage Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Wednesday, December 14th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date is Tuesday, December 13th. Public Storage’s payout ratio is 32.52%.
Public Storage 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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