Private Wealth Partners LLC acquired a new position in Public Storage (NYSE:PSA) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 1,340 shares of the real estate investment trust’s stock, valued at approximately $287,000.
A number of other institutional investors have also modified their holdings of the business. Sei Investments Co. raised its stake in Public Storage by 3.8% in the 3rd quarter. Sei Investments Co. now owns 207,086 shares of the real estate investment trust’s stock worth $44,314,000 after purchasing an additional 7,662 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in Public Storage by 19.4% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 126,233 shares of the real estate investment trust’s stock worth $27,013,000 after purchasing an additional 20,515 shares in the last quarter. Wrapmanager Inc. raised its stake in Public Storage by 52.0% in the 3rd quarter. Wrapmanager Inc. now owns 4,353 shares of the real estate investment trust’s stock worth $931,000 after purchasing an additional 1,489 shares in the last quarter. Grimes & Company Inc. acquired a new stake in Public Storage in the 3rd quarter worth about $204,000. Finally, FDx Advisors Inc. raised its stake in Public Storage by 43.4% in the 3rd quarter. FDx Advisors Inc. now owns 8,688 shares of the real estate investment trust’s stock worth $1,859,000 after purchasing an additional 2,628 shares in the last quarter. Institutional investors and hedge funds own 80.18% of the company’s stock.
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Public Storage (NYSE:PSA) traded up $0.15 during mid-day trading on Monday, reaching $211.52. 736,500 shares of the company’s stock traded hands, compared to its average volume of 856,299. Public Storage has a 52-week low of $192.15 and a 52-week high of $232.21. The company has a market cap of $37,100.00, a price-to-earnings ratio of 21.34, a P/E/G ratio of 4.42 and a beta of 0.43.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Wednesday, December 13th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 3.78%. The ex-dividend date is Tuesday, December 12th. Public Storage’s dividend payout ratio is currently 116.96%.
Several brokerages have weighed in on PSA. B. Riley reiterated a “neutral” rating on shares of Public Storage in a research note on Wednesday, November 1st. Bank of America Corporation dropped their price objective on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a research note on Thursday, July 20th. Jefferies Group LLC set a $210.00 price objective on shares of Public Storage and gave the stock a “hold” rating in a research note on Thursday, August 17th. Zacks Investment Research upgraded shares of Public Storage from a “sell” rating to a “hold” rating in a research note on Friday, September 15th. Finally, KeyCorp reiterated a “sell” rating and issued a $184.00 price objective on shares of Public Storage in a research note on Wednesday, September 13th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $212.45.
About Public Storage
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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