Rathbones Group PLC raised its position in Public Storage (NYSE:PSA – Free Report) by 3.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 60,555 shares of the real estate investment trust’s stock after purchasing an additional 2,056 shares during the quarter. Rathbones Group PLC’s holdings in Public Storage were worth $16,403,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Public Storage by 9.9% during the fourth quarter. Vanguard Group Inc. now owns 25,343,098 shares of the real estate investment trust’s stock valued at $6,576,534,000 after buying an additional 2,274,397 shares during the last quarter. Norges Bank bought a new stake in shares of Public Storage during the 4th quarter worth approximately $1,163,751,000. Capital International Investors boosted its holdings in Public Storage by 821.4% during the 4th quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust’s stock valued at $1,073,032,000 after acquiring an additional 3,686,211 shares during the period. Geode Capital Management LLC boosted its holdings in Public Storage by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 4,089,143 shares of the real estate investment trust’s stock valued at $1,056,976,000 after acquiring an additional 66,445 shares during the period. Finally, Cohen & Steers Inc. grew its position in Public Storage by 9.3% in the 4th quarter. Cohen & Steers Inc. now owns 3,993,623 shares of the real estate investment trust’s stock valued at $1,036,375,000 after acquiring an additional 339,882 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts have weighed in on PSA shares. Raymond James Financial started coverage on Public Storage in a research note on Thursday, July 16th. They issued a “market perform” rating on the stock. BMO Capital Markets boosted their target price on shares of Public Storage from $305.00 to $340.00 and gave the company a “market perform” rating in a research note on Monday, June 15th. Weiss Ratings upgraded shares of Public Storage from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, June 12th. Mizuho raised their price target on shares of Public Storage from $301.00 to $316.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 27th. Finally, BNP Paribas Exane lifted their price objective on shares of Public Storage from $331.00 to $335.00 and gave the company an “outperform” rating in a report on Friday, May 22nd. Seven investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $326.05.
Public Storage Stock Performance
PSA stock opened at $325.80 on Tuesday. The company has a debt-to-equity ratio of 2.06, a current ratio of 0.66 and a quick ratio of 0.66. The business has a 50-day moving average price of $318.17 and a 200 day moving average price of $302.31. The company has a market capitalization of $57.19 billion, a P/E ratio of 31.09, a PEG ratio of 4.37 and a beta of 0.96. Public Storage has a 1-year low of $256.54 and a 1-year high of $335.55.
Public Storage Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $12.00 dividend on an annualized basis and a yield of 3.7%. Public Storage’s dividend payout ratio (DPR) is 114.50%.
Insider Buying and Selling
In other news, insider Nathaniel A. Vitan sold 950 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $324.81, for a total value of $308,569.50. Following the completion of the sale, the insider owned 1,414 shares in the company, valued at approximately $459,281.34. The trade was a 40.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 11.10% of the company’s stock.
Public Storage Profile
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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