The Manufacturers Life Insurance Company Has $34.15 Million Holdings in Public Storage (NYSE:PSA)

The Manufacturers Life Insurance Company lessened its stake in Public Storage (NYSE:PSAGet Rating) by 4.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 116,641 shares of the real estate investment trust’s stock after selling 4,944 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Public Storage were worth $34,154,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Goldman Sachs Group Inc. boosted its holdings in Public Storage by 73.1% during the second quarter. Goldman Sachs Group Inc. now owns 1,249,692 shares of the real estate investment trust’s stock worth $390,742,000 after purchasing an additional 527,777 shares during the last quarter. FMR LLC boosted its holdings in Public Storage by 44.3% during the second quarter. FMR LLC now owns 1,412,624 shares of the real estate investment trust’s stock worth $441,685,000 after purchasing an additional 433,737 shares during the last quarter. Great West Life Assurance Co. Can acquired a new position in Public Storage during the third quarter worth $118,942,000. Aew Capital Management L P boosted its holdings in Public Storage by 181.2% during the second quarter. Aew Capital Management L P now owns 334,475 shares of the real estate investment trust’s stock worth $104,580,000 after purchasing an additional 215,550 shares during the last quarter. Finally, PGGM Investments acquired a new position in Public Storage during the third quarter worth $51,570,000. Institutional investors and hedge funds own 77.88% of the company’s stock.

Insider Activity

In other Public Storage news, CEO Joseph D. Russell, Jr. purchased 2,500 shares of the stock in a transaction that occurred on Monday, December 12th. The shares were acquired at an average cost of $297.65 per share, with a total value of $744,125.00. Following the completion of 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 11.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PSA. StockNews.com began coverage on shares of Public Storage in a report on Wednesday, October 12th. They set a “hold” rating for the company. Raymond James cut shares of Public Storage from an “outperform” rating to a “market perform” rating in a research note on Monday, January 9th. Finally, Morgan Stanley cut their price target 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. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Public Storage currently has a consensus rating of “Hold” and a consensus target price of $368.91.

Public Storage Price Performance

Shares of PSA opened at $289.10 on Monday. The firm has a market capitalization of $50.78 billion, a PE ratio of 11.75, a PEG ratio of 2.24 and a beta of 0.39. The company’s 50-day moving average is $289.31 and its 200-day moving average is $305.79. Public Storage has a fifty-two week low of $270.13 and a fifty-two week high of $421.76. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 29th. Stockholders of record on Wednesday, December 14th were given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend was Tuesday, December 13th. Public Storage’s payout ratio is presently 32.52%.

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.

See Also

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

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