Garde Capital Inc. acquired a new position in shares of Public Storage (NYSE:PSA) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,473 shares of the real estate investment trust’s stock, valued at approximately $315,000.
A number of other large investors have also recently made changes to their positions in PSA. Bessemer Group Inc. bought a new stake in Public Storage during the 2nd quarter worth about $105,000. Global X Management Co. LLC raised its holdings in Public Storage by 10.2% during the 2nd quarter. Global X Management Co. LLC now owns 1,143 shares of the real estate investment trust’s stock worth $238,000 after purchasing an additional 106 shares during the last quarter. Convergence Investment Partners LLC bought a new stake in Public Storage during the 2nd quarter worth about $1,334,000. State of Wisconsin Investment Board raised its holdings in Public Storage by 21.9% during the 2nd quarter. State of Wisconsin Investment Board now owns 179,150 shares of the real estate investment trust’s stock worth $37,358,000 after purchasing an additional 32,177 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in shares of Public Storage by 82.3% during the 2nd quarter. SG Americas Securities LLC now owns 46,847 shares of the real estate investment trust’s stock worth $9,769,000 after buying an additional 21,154 shares during the period. 80.91% of the stock is owned by hedge funds and other institutional investors.
Shares of Public Storage (PSA) traded up $0.84 on Thursday, hitting $212.56. The company had a trading volume of 730,300 shares, compared to its average volume of 849,657. Public Storage has a 1-year low of $192.15 and a 1-year high of $232.21. The firm has a market cap of $36,847.96, a price-to-earnings ratio of 21.36, a PEG ratio of 4.54 and a beta of 0.43.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Wednesday, December 13th will be given a $2.00 dividend. The ex-dividend date is Tuesday, December 12th. This represents a $8.00 annualized dividend and a dividend yield of 3.76%. Public Storage’s dividend payout ratio is presently 116.79%.
In related news, insider John Reyes sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $212.24, for a total value of $12,734,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 14.42% of the stock is currently owned by insiders.
Several research firms have recently issued reports on PSA. BMO Capital Markets set a $193.00 target price on Public Storage and gave the stock a “sell” rating in a research report on Thursday, October 26th. Jefferies Group set a $212.00 target price on Public Storage and gave the stock a “hold” rating in a research report on Tuesday, November 28th. FBR & Co set a $220.00 target price on Public Storage and gave the stock a “hold” rating in a research report on Thursday, October 26th. KeyCorp restated a “sell” rating and set a $184.00 target price on shares of Public Storage in a research report on Wednesday, September 13th. Finally, Morgan Stanley lowered Public Storage from an “equal weight” rating to an “underweight” rating and set a $199.00 target price for the company. in a research report on Wednesday. Seven research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $209.38.
Public Storage Profile
Public Storage is a real estate investment trust (REIT). The Company’s principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space.
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