Sumitomo Mitsui Trust Group Inc. trimmed its holdings in shares of Public Storage (NYSE:PSA – Free Report) by 4.1% in the second quarter, HoldingsChannel reports. The firm owned 806,171 shares of the real estate investment trust’s stock after selling 34,264 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Public Storage were worth $256,612,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Harvest Fund Management Co. Ltd acquired a new stake in Public Storage during the 3rd quarter valued at $27,000. Bayban purchased a new position in Public Storage during the fourth quarter worth $26,000. Wealth Watch Advisors INC purchased a new position in Public Storage during the third quarter worth $34,000. Raiffeisen Bank International AG raised its holdings in shares of Public Storage by 35.2% in the fourth quarter. Raiffeisen Bank International AG now owns 142 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 37 shares during the last quarter. Finally, Knuff & Co LLC acquired a new position in shares of Public Storage in the fourth quarter worth $38,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.
Public Storage Trading Up 1.6%
Shares of PSA opened at $328.82 on Friday. The stock has a fifty day moving average of $321.83 and a two-hundred day moving average of $304.42. The company has a debt-to-equity ratio of 2.06, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market capitalization of $57.75 billion, a PE ratio of 31.38, a price-to-earnings-growth ratio of 3.81 and a beta of 0.96. Public Storage has a fifty-two week low of $256.54 and a fifty-two week high of $335.55.
Public Storage Dividend Announcement
Insider Activity at Public Storage
In related news, insider Nathaniel A. Vitan sold 950 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $324.81, for a total value of $308,569.50. Following the completion of the transaction, the insider directly owned 1,414 shares in the company, valued at approximately $459,281.34. This represents a 40.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 11.10% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
A number of research firms recently commented on PSA. BNP Paribas Exane increased their price objective on Public Storage from $331.00 to $335.00 and gave the company an “outperform” rating in a research note on Friday, May 22nd. BMO Capital Markets lifted their price objective on Public Storage from $305.00 to $340.00 and gave the stock a “market perform” rating in a research report on Monday, June 15th. UBS Group boosted their target price on shares of Public Storage from $314.00 to $326.00 and gave the company a “neutral” rating in a research note on Friday, July 10th. Jefferies Financial Group upped their target price on shares of Public Storage from $350.00 to $355.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Finally, Wall Street Zen raised shares of Public Storage from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Seven analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $326.05.
Get Our Latest Stock Report on Public Storage
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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