Davis Selected Advisers lowered its stake in shares of Public Storage (NYSE:PSA) by 5.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 98,454 shares of the real estate investment trust’s stock after selling 5,719 shares during the quarter. Davis Selected Advisers owned about 0.06% of Public Storage worth $21,068,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of PSA. Bessemer Group Inc. acquired a new position in shares of Public Storage during the 2nd quarter valued at about $105,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of Public Storage by 15.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 566 shares of the real estate investment trust’s stock valued at $119,000 after acquiring an additional 75 shares during the last quarter. Johnson Financial Group Inc. increased its stake in shares of Public Storage by 274.4% during the 2nd quarter. Johnson Financial Group Inc. now owns 614 shares of the real estate investment trust’s stock valued at $128,000 after acquiring an additional 450 shares during the last quarter. Cable Hill Partners LLC increased its stake in shares of Public Storage by 139.9% during the 3rd quarter. Cable Hill Partners LLC now owns 787 shares of the real estate investment trust’s stock valued at $168,000 after acquiring an additional 459 shares during the last quarter. Finally, D.A. Davidson & CO. increased its stake in shares of Public Storage by 23.8% during the 2nd quarter. D.A. Davidson & CO. now owns 885 shares of the real estate investment trust’s stock valued at $184,000 after acquiring an additional 170 shares during the last quarter. 80.91% of the stock is owned by institutional investors.
A number of research firms have recently commented on PSA. B. Riley reaffirmed a “neutral” rating on shares of Public Storage in a research note on Wednesday, November 1st. Jefferies Group set a $210.00 target price on Public Storage and gave the stock a “hold” rating in a report on Thursday, August 17th. Zacks Investment Research cut Public Storage from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. Morgan Stanley cut Public Storage from an “equal weight” rating to an “underweight” rating and set a $199.00 target price for the company. in a report on Wednesday. Finally, Bank of America cut Public Storage from a “neutral” rating to an “underperform” rating and set a $212.00 target price for the company. in a report on Monday, December 4th. They noted that the move was a valuation call. Seven investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $209.38.
In other Public Storage news, insider John Reyes sold 60,000 shares of the company’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gary E. Pruitt sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $212.09, for a total value of $1,060,450.00. Following the completion of the transaction, the director now owns 8,350 shares of the company’s stock, valued at approximately $1,770,951.50. The disclosure for this sale can be found here. 14.42% of the stock is currently owned by insiders.
Shares of Public Storage (NYSE PSA) traded down $1.54 during trading hours on Friday, hitting $211.02. The stock had a trading volume of 525,800 shares, compared to its average volume of 848,313. Public Storage has a 1-year low of $192.15 and a 1-year high of $232.21. The stock has a market cap of $36,994.16, a PE ratio of 21.45, a P/E/G ratio of 4.56 and a beta of 0.43.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Wednesday, December 13th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend is Tuesday, December 12th. Public Storage’s payout ratio is currently 116.79%.
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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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