Forsta AP Fonden Raises Position in Public Storage (NYSE:PSA)

Forsta AP Fonden increased its holdings in Public Storage (NYSE:PSAGet Rating) by 11.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 34,400 shares of the real estate investment trust’s stock after purchasing an additional 3,500 shares during the quarter. Forsta AP Fonden’s holdings in Public Storage were worth $13,426,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in Public Storage by 2.7% in the 4th quarter. BlackRock Inc. now owns 17,255,693 shares of the real estate investment trust’s stock worth $6,463,290,000 after purchasing an additional 456,793 shares during the period. State Street Corp raised its position in Public Storage by 6.1% in the 4th quarter. State Street Corp now owns 10,581,880 shares of the real estate investment trust’s stock worth $3,963,549,000 after purchasing an additional 608,871 shares during the period. Geode Capital Management LLC raised its position in Public Storage by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 3,183,181 shares of the real estate investment trust’s stock worth $1,189,857,000 after purchasing an additional 66,728 shares during the period. Northern Trust Corp increased its position in shares of Public Storage by 18.2% in the fourth quarter. Northern Trust Corp now owns 2,792,588 shares of the real estate investment trust’s stock valued at $1,045,992,000 after acquiring an additional 430,899 shares during the period. Finally, Norges Bank purchased a new position in shares of Public Storage in the fourth quarter valued at about $735,608,000. Hedge funds and other institutional investors own 78.54% of the company’s stock.

Analyst Ratings Changes

PSA has been the topic of a number of analyst reports. StockNews.com cut shares of Public Storage from a “buy” rating to a “hold” rating in a research report on Friday, June 10th. Truist Financial decreased their price objective on shares of Public Storage from $425.00 to $385.00 and set a “buy” rating on the stock in a research report on Wednesday, June 1st. Evercore ISI set a $348.00 price objective on shares of Public Storage in a research report on Monday, June 20th. Jefferies Financial Group decreased their price objective on shares of Public Storage from $465.00 to $369.00 and set a “buy” rating on the stock in a research report on Thursday, June 30th. Finally, Morgan Stanley cut their target price on shares of Public Storage from $357.00 to $298.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 25th. Six analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $366.08.

Public Storage Trading Up 0.2 %

NYSE:PSA opened at $331.20 on Friday. Public Storage has a one year low of $292.32 and a one year high of $421.76. The company has a debt-to-equity ratio of 1.39, a current ratio of 2.07 and a quick ratio of 2.07. The company’s 50-day simple moving average is $316.49 and its 200 day simple moving average is $347.43. The firm has a market capitalization of $58.11 billion, a P/E ratio of 28.21, a PEG ratio of 3.01 and a beta of 0.34.

Public Storage (NYSE:PSAGet Rating) last issued its earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.59 by ($0.96). The firm had revenue of $749.27 million during the quarter, compared to the consensus estimate of $985.58 million. Public Storage had a return on equity of 41.12% and a net margin of 56.93%. The company’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.82 EPS. As a group, analysts forecast that Public Storage will post 15.56 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Wednesday, September 14th will be paid a $2.00 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $8.00 annualized dividend and a dividend yield of 2.42%. Public Storage’s dividend payout ratio is presently 68.14%.

Public Storage Profile

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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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 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 239 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 September 30, 2020.

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

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