Stephens Inc. AR reduced its stake in shares of Public Storage (NYSE:PSA – Free Report) by 10.1% in the fourth quarter, HoldingsChannel reports. The firm owned 26,608 shares of the real estate investment trust’s stock after selling 2,997 shares during the period. Stephens Inc. AR’s holdings in Public Storage were worth $6,931,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in PSA. Vanguard Group Inc. lifted its stake in shares of Public Storage by 9.9% during the 4th quarter. Vanguard Group Inc. now owns 25,343,098 shares of the real estate investment trust’s stock worth $6,576,534,000 after purchasing an additional 2,274,397 shares during the last quarter. AQR Capital Management LLC increased its position in Public Storage by 498.7% during the 2nd quarter. AQR Capital Management LLC now owns 578,491 shares of the real estate investment trust’s stock valued at $166,970,000 after buying an additional 481,872 shares in the last quarter. Centersquare Investment Management LLC increased its position in Public Storage by 38.0% during the 3rd quarter. Centersquare Investment Management LLC now owns 1,145,607 shares of the real estate investment trust’s stock valued at $330,909,000 after buying an additional 315,370 shares in the last quarter. Barclays PLC increased its position in Public Storage by 93.8% during the 3rd quarter. Barclays PLC now owns 602,959 shares of the real estate investment trust’s stock valued at $174,165,000 after buying an additional 291,895 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Public Storage by 5.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,334,488 shares of the real estate investment trust’s stock valued at $963,177,000 after buying an additional 177,421 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.
Public Storage Stock Down 0.1%
Shares of PSA stock opened at $292.16 on Monday. The stock’s 50-day simple moving average is $293.61 and its 200-day simple moving average is $284.36. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a market capitalization of $51.29 billion, a PE ratio of 30.15, a P/E/G ratio of 3.99 and a beta of 1.00. Public Storage has a fifty-two week low of $256.54 and a fifty-two week high of $313.51.
Public Storage Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.1%. Public Storage’s dividend payout ratio is currently 123.84%.
Wall Street Analyst Weigh In
Several research analysts recently issued reports on the company. Wells Fargo & Company lowered Public Storage from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $330.00 to $295.00 in a research report on Thursday, February 5th. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $310.00 target price on the stock. in a research report on Thursday, February 5th. Jefferies Financial Group upped their target price on Public Storage from $330.00 to $350.00 in a research report on Thursday, May 7th. William Blair set a $305.00 target price on Public Storage in a research report on Monday, March 16th. Finally, Evercore set a $306.00 target price on Public Storage in a research report on Monday, May 4th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $310.83.
Get Our Latest Stock Analysis on PSA
About Public Storage
Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.
The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.
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