SeaCrest Wealth Management LLC acquired a new position in Public Storage (NYSE:PSA – Get Rating) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 340 shares of the real estate investment trust’s stock, valued at approximately $106,000.
Several other institutional investors and hedge funds have also bought and sold shares of PSA. Regatta Capital Group LLC lifted its stake in shares of Public Storage by 3.3% in the 2nd quarter. Regatta Capital Group LLC now owns 3,413 shares of the real estate investment trust’s stock valued at $1,067,000 after purchasing an additional 108 shares during the period. Stonegate Investment Group LLC lifted its stake in shares of Public Storage by 49.0% in the 2nd quarter. Stonegate Investment Group LLC now owns 852 shares of the real estate investment trust’s stock valued at $266,000 after purchasing an additional 280 shares during the period. TIAA FSB purchased a new position in shares of Public Storage in the 2nd quarter valued at approximately $623,000. Duality Advisers LP purchased a new position in shares of Public Storage in the 2nd quarter valued at approximately $2,034,000. Finally, Advisors Asset Management Inc. lifted its stake in shares of Public Storage by 6.2% in the 2nd quarter. Advisors Asset Management Inc. now owns 16,491 shares of the real estate investment trust’s stock valued at $5,156,000 after purchasing an additional 960 shares during the period. Hedge funds and other institutional investors own 78.19% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on PSA shares. 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 report on Monday, July 25th. 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. StockNews.com started coverage on Public Storage in a research report on Wednesday, October 12th. They set a “hold” rating for the company. 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 report on Thursday, October 13th. Finally, Raymond James lowered Public Storage from a “strong-buy” rating to an “outperform” rating and raised their price objective for the company from $365.00 to $380.00 in a research report on Tuesday, August 16th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $368.91.
Public Storage Stock Up 0.7 %
Public Storage Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Investors of record on Wednesday, December 14th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.75%. The ex-dividend date is Tuesday, December 13th. Public Storage’s payout ratio is currently 32.52%.
Insider Buying and Selling
In related news, Director Tamara Hughes Gustavson sold 203 shares of Public Storage stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $348.29, for a total value of $70,702.87. Following the completion of the sale, the director now owns 5,500 shares of the company’s stock, valued at $1,915,595. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.00% of the stock is currently owned by corporate insiders.
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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