B. Riley set a $220.00 target price on Public Storage (NYSE:PSA) in a report issued on Wednesday, November 15th. The brokerage currently has a hold rating on the real estate investment trust’s stock.
Several other analysts have also issued reports on the stock. Barclays reduced their price objective on shares of Public Storage from $216.00 to $209.00 and set an equal weight rating on the stock in a report on Tuesday, July 18th. Bank of America reduced their price objective on shares of Public Storage from $222.00 to $218.00 and set a neutral rating on the stock in a report on Thursday, July 20th. BidaskClub downgraded Public Storage from a sell rating to a strong sell rating in a research report on Monday, July 31st. Argus dropped their target price on Public Storage from $260.00 to $250.00 and set a buy rating for the company in a research report on Tuesday, August 1st. Finally, Jefferies Group set a $210.00 target price on Public Storage and gave the company a hold rating in a research report on Thursday, August 17th. Six research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $210.25.
Shares of Public Storage (PSA) traded down $2.10 during mid-day trading on Wednesday, reaching $209.97. The company’s stock had a trading volume of 1,133,481 shares, compared to its average volume of 852,803. Public Storage has a 12 month low of $192.15 and a 12 month high of $232.21. The stock has a market cap of $36,540.00, a price-to-earnings ratio of 21.40, a P/E/G ratio of 4.48 and a beta of 0.43.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Wednesday, December 13th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date is Tuesday, December 12th. Public Storage’s dividend payout ratio is currently 116.96%.
In other Public Storage 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 legal filing with the Securities & Exchange Commission, which is available at this link. 14.42% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio raised its stake in shares of Public Storage by 1.7% during the third quarter. Public Employees Retirement System of Ohio now owns 270,815 shares of the real estate investment trust’s stock worth $57,952,000 after purchasing an additional 4,585 shares during the last quarter. Garde Capital Inc. purchased a new stake in shares of Public Storage during the third quarter worth approximately $315,000. IFM Investors Pty Ltd purchased a new stake in shares of Public Storage during the third quarter worth approximately $940,000. Piedmont Investment Advisors LLC raised its stake in shares of Public Storage by 0.9% during the third quarter. Piedmont Investment Advisors LLC now owns 32,570 shares of the real estate investment trust’s stock worth $6,970,000 after purchasing an additional 294 shares during the last quarter. Finally, California Public Employees Retirement System raised its stake in shares of Public Storage by 4.0% during the third quarter. California Public Employees Retirement System now owns 363,560 shares of the real estate investment trust’s stock worth $77,798,000 after purchasing an additional 14,059 shares during the last quarter. Institutional investors own 80.91% of the company’s stock.
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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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