Allworth Financial LP raised its position in shares of Public Storage (NYSE:PSA) by 10.4% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,045 shares of the real estate investment trust’s stock after purchasing an additional 192 shares during the quarter. Allworth Financial LP’s holdings in Public Storage were worth $502,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the business. Polaris Greystone Financial Group LLC bought a new stake in Public Storage during the 3rd quarter valued at about $23,413,000. Weather Gauge Advisory LLC boosted its holdings in shares of Public Storage by 1.3% during the 3rd quarter. Weather Gauge Advisory LLC now owns 8,795 shares of the real estate investment trust’s stock valued at $2,157,000 after acquiring an additional 110 shares during the last quarter. Northstar Investment Advisors LLC boosted its holdings in shares of Public Storage by 4.5% during the 3rd quarter. Northstar Investment Advisors LLC now owns 43,008 shares of the real estate investment trust’s stock valued at $11,386,000 after acquiring an additional 1,869 shares during the last quarter. North Star Investment Management Corp. purchased a new stake in shares of Public Storage during the 3rd quarter valued at about $66,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in shares of Public Storage by 1.0% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 51,937 shares of the real estate investment trust’s stock valued at $12,370,000 after acquiring an additional 505 shares during the last quarter. Institutional investors and hedge funds own 80.85% of the company’s stock.
Shares of PSA traded up $0.51 on Wednesday, reaching $247.33. The company’s stock had a trading volume of 505,618 shares, compared to its average volume of 854,426. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market capitalization of $43.09 billion, a P/E ratio of 23.42, a PEG ratio of 5.72 and a beta of 0.11. The stock’s 50 day simple moving average is $252.87 and its two-hundred day simple moving average is $239.76. Public Storage has a 12-month low of $193.89 and a 12-month high of $266.76.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Thursday, September 12th were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend was Wednesday, September 11th. Public Storage’s payout ratio is 75.76%.
A number of analysts have recently issued reports on PSA shares. KeyCorp raised shares of Public Storage from an “underweight” rating to a “sector weight” rating and set a $243.72 price target on the stock in a report on Tuesday, June 11th. Evercore ISI downgraded shares of Public Storage from an “in-line” rating to an “underperform” rating and dropped their price target for the company from $246.00 to $228.00 in a report on Tuesday, October 1st. Morgan Stanley raised shares of Public Storage from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $193.00 to $240.00 in a report on Monday, September 16th. Stifel Nicolaus started coverage on shares of Public Storage in a report on Monday, August 19th. They set a “buy” rating and a $285.00 price target on the stock. Finally, SunTrust Banks raised their price target on shares of Public Storage from $215.00 to $233.00 and gave the company a “hold” rating in a report on Tuesday, August 27th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $242.97.
In related news, Chairman B Wayne Et Al Hughes sold 38,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $257.89, for a total value of $9,799,820.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In the last three months, insiders sold 278,000 shares of company stock worth $72,725,820. 14.00% of the stock is currently owned by insiders.
Public Storage Profile
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. At March 31, 2019, we had: (i) interests in 2,444 self-storage facilities located in 38 states with approximately 164 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 231 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at March 31, 2019.
Further Reading: Momentum Investing
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