First Manhattan Co. Sells 6,941 Shares of Public Storage (PSA)

First Manhattan Co. decreased its holdings in shares of Public Storage (NYSE:PSA) by 47.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,659 shares of the real estate investment trust’s stock after selling 6,941 shares during the period. First Manhattan Co.’s holdings in Public Storage were worth $1,667,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PSA. Sage Capital Advisors llc acquired a new stake in Public Storage in the fourth quarter valued at about $29,000. Oregon Public Employees Retirement Fund lifted its position in Public Storage by 18,823.9% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,180,090 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 7,142,148 shares during the period. Liberty Wealth Management LLC acquired a new stake in Public Storage in the fourth quarter valued at about $37,000. CNB Bank acquired a new stake in Public Storage in the fourth quarter valued at about $42,000. Finally, Truvestments Capital LLC acquired a new stake in Public Storage in the first quarter valued at about $48,000. Institutional investors and hedge funds own 81.08% of the company’s stock.

PSA stock opened at $217.44 on Wednesday. Public Storage has a 12-month low of $192.02 and a 12-month high of $234.90. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $38.49 billion, a PE ratio of 20.59, a P/E/G ratio of 5.17 and a beta of 0.26.

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.68%. Public Storage’s payout ratio is 75.76%.

A number of equities research analysts recently commented on the stock. Barclays downgraded shares of Public Storage from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $215.00 to $211.00 in a research report on Tuesday, March 26th. They noted that the move was a valuation call. Jefferies Financial Group upgraded shares of Public Storage from an “underperform” rating to a “hold” rating and raised their price objective for the company from $181.00 to $201.00 in a research report on Tuesday, April 9th. Argus raised their price objective on shares of Public Storage to $240.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. Bank of America set a $230.00 price objective on shares of Public Storage and gave the company a “hold” rating in a research report on Friday, March 1st. Finally, Zacks Investment Research upgraded shares of Public Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, February 12th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $211.88.

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About Public Storage

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. The Company's headquarters are located in Glendale, California. At December 31, 2018, we had interests in 2,429 self-storage facilities located in 38 states with approximately 162 million net rentable square feet in the United States and we owned a 35.2% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR), which owned 232 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the “Shurgard” brand.

Further Reading: Balance Sheet

Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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