First Manhattan Co. reduced its position in Public Storage (NYSE:PSA) by 47.5% in the 1st quarter, HoldingsChannel.com reports. The fund owned 7,659 shares of the real estate investment trust’s stock after selling 6,941 shares during the period. First Manhattan Co.’s holdings in Public Storage were worth $1,667,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Sage Capital Advisors llc purchased a new stake in Public Storage in the 4th quarter worth approximately $29,000. Liberty Wealth Management LLC purchased a new stake in Public Storage in the 4th quarter worth approximately $37,000. CNB Bank purchased a new stake in Public Storage in the 4th quarter worth approximately $42,000. Truvestments Capital LLC purchased a new stake in shares of Public Storage during the 1st quarter valued at $48,000. Finally, JOYN Advisors Inc. grew its stake in shares of Public Storage by 38.9% during the 4th quarter. JOYN Advisors Inc. now owns 243 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 68 shares during the period. 81.08% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on PSA. Barclays reissued a “sell” rating and set a $218.00 price objective on shares of Public Storage in a research note on Tuesday. Jefferies Financial Group raised shares of Public Storage from an “underperform” rating to a “hold” rating and boosted their price objective for the company from $181.00 to $201.00 in a research note on Tuesday, April 9th. Argus boosted their price objective on shares of Public Storage to $240.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. Zacks Investment Research cut shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Friday, February 1st. Finally, Bank of America set a $230.00 price objective on shares of Public Storage and gave the company a “hold” rating in a research note on Friday, March 1st. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $211.88.
Shares of NYSE PSA opened at $217.44 on Wednesday. Public Storage has a 52-week low of $192.02 and a 52-week high of $234.90. The firm has a market cap of $38.49 billion, a PE ratio of 20.59, a P/E/G ratio of 5.17 and a beta of 0.26. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.97 and a quick ratio of 0.97.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were paid a dividend of $2.00 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $8.00 annualized dividend and a dividend yield of 3.68%. Public Storage’s dividend payout ratio is presently 75.76%.
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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. The Company's headquarters are located in Glendale, California. At December 31, 2018, we had interests in 2,429 self-storage facilities located in 38 states with approximately 162 million net rentable square feet in the United States and we owned a 35.2% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR), which owned 232 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand.
Further Reading: What are Institutional Investors?
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