Raiffeisen Bank International AG lifted its stake in shares of Public Storage (NYSE:PSA – Free Report) by 153.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,726 shares of the real estate investment trust’s stock after purchasing an additional 5,281 shares during the period. Raiffeisen Bank International AG’s holdings in Public Storage were worth $2,831,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in PSA. Bayban acquired a new position in Public Storage during the fourth quarter worth $26,000. Harvest Fund Management Co. Ltd acquired a new stake in Public Storage in the third quarter valued at $27,000. Bruce G. Allen Investments LLC grew its position in shares of Public Storage by 89.6% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 91 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 43 shares during the period. Continuum Advisory LLC bought a new position in shares of Public Storage in the 2nd quarter valued at about $29,000. Finally, Wealth Watch Advisors INC acquired a new position in shares of Public Storage during the 3rd quarter worth about $34,000. Institutional investors and hedge funds own 78.79% of the company’s stock.
Public Storage Price Performance
Shares of NYSE PSA opened at $301.83 on Friday. The firm has a market cap of $53.01 billion, a P/E ratio of 28.80, a price-to-earnings-growth ratio of 4.16 and a beta of 0.95. The business’s 50 day moving average is $320.62 and its 200-day moving average is $307.81. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 2.06. 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 will be paid on Tuesday, October 6th. Stockholders of record on Tuesday, September 15th will be given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Public Storage’s payout ratio is presently 114.50%.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on PSA. Royal Bank Of Canada upped their target price on shares of Public Storage from $305.00 to $318.00 and gave the company a “sector perform” rating in a report on Friday, July 31st. Barclays lifted their price target on Public Storage from $349.00 to $350.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 19th. Raymond James Financial started coverage on Public Storage in a research report on Thursday, July 16th. They set a “market perform” rating on the stock. Citigroup upped their price objective on Public Storage from $325.00 to $363.00 and gave the company a “buy” rating in a research note on Tuesday, June 16th. Finally, JPMorgan Chase & Co. raised their price objective on Public Storage from $291.00 to $338.00 and gave the company a “neutral” rating in a research report on Thursday, June 11th. Seven investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat, Public Storage currently has a consensus rating of “Hold” and an average target price of $327.00.
Check Out Our Latest Analysis on PSA
Insider Activity
In related news, insider Nathaniel A. Vitan sold 1,414 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $327.53, for a total value of $463,127.42. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 11.10% of the company’s stock.
Public Storage Company 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.
See Also
- Five stocks we like better than Public Storage
- Revolution Medicines Got Its Breakthrough—What Moves It Next?
- Retail Earnings Just Exposed a Bigger Divide in the U.S. Consumer Economy
- FB Financial’s Southern Expansion and Buybacks Drive Analyst Optimism
- AST SpaceMobile Stock Soared 12%—This Was the Catalyst
Want to see what other hedge funds are holding PSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Storage (NYSE:PSA – Free Report).
Receive News & Ratings for Public Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Storage and related companies with MarketBeat.com's FREE daily email newsletter.
