Dynamic Technology Lab Private Ltd bought a new stake in Public Storage (NYSE:PSA – Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,601 shares of the real estate investment trust’s stock, valued at approximately $1,194,000.
Several other hedge funds and other institutional investors have also made changes to their positions in PSA. Norges Bank purchased a new stake in shares of Public Storage in the fourth quarter valued at $1,163,751,000. Capital International Investors increased its stake in Public Storage by 821.4% in the fourth quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust’s stock worth $1,073,032,000 after purchasing an additional 3,686,211 shares during the period. Vanguard Group Inc. increased its stake in Public Storage by 9.9% in the fourth 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 period. AQR Capital Management LLC increased its stake in Public Storage by 498.7% in the second quarter. AQR Capital Management LLC now owns 578,491 shares of the real estate investment trust’s stock worth $166,970,000 after purchasing an additional 481,872 shares during the period. Finally, Cohen & Steers Inc. increased its stake in Public Storage by 9.3% in the fourth quarter. Cohen & Steers Inc. now owns 3,993,623 shares of the real estate investment trust’s stock worth $1,036,375,000 after purchasing an additional 339,882 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.
Public Storage Stock Performance
Shares of Public Storage stock opened at $325.83 on Friday. The firm has a market cap of $57.20 billion, a P/E ratio of 33.63, a P/E/G ratio of 4.43 and a beta of 0.98. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 2.02. Public Storage has a 12 month low of $256.54 and a 12 month high of $331.79. The stock’s fifty day moving average price is $303.33 and its 200-day moving average price is $288.76.
Public Storage Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.7%. The ex-dividend date is Monday, June 15th. Public Storage’s payout ratio is 123.84%.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on the company. JPMorgan Chase & Co. increased their target price on Public Storage from $291.00 to $338.00 and gave the stock a “neutral” rating in a research note on Thursday. Barclays reduced their target price on Public Storage from $352.00 to $349.00 and set an “overweight” rating on the stock in a research note on Thursday, May 7th. Royal Bank Of Canada increased their target price on Public Storage from $301.00 to $305.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 29th. Wall Street Zen upgraded Public Storage from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Scotiabank increased their target price on Public Storage from $321.00 to $340.00 in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $319.28.
Check Out Our Latest Stock Report on PSA
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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