Janney Montgomery Scott LLC boosted its stake in shares of Public Storage (NYSE:PSA) by 8.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,551 shares of the real estate investment trust’s stock after acquiring an additional 1,202 shares during the period. Janney Montgomery Scott LLC’s holdings in Public Storage were worth $3,328,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of the business. Ladenburg Thalmann Financial Services Inc. grew its stake in shares of Public Storage by 37.7% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 29,809 shares of the real estate investment trust’s stock worth $6,368,000 after buying an additional 8,158 shares in the last quarter. Laurel Wealth Advisors Inc. lifted its holdings in shares of Public Storage by 112.6% in the 3rd quarter. Laurel Wealth Advisors Inc. now owns 6,081 shares of the real estate investment trust’s stock worth $1,301,000 after acquiring an additional 3,221 shares during the last quarter. U S Global Investors Inc. bought a new stake in shares of Public Storage in the 3rd quarter worth about $449,000. Zions Bancorporation lifted its holdings in shares of Public Storage by 6,211.7% in the 3rd quarter. Zions Bancorporation now owns 3,787 shares of the real estate investment trust’s stock worth $810,000 after acquiring an additional 3,727 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Public Storage by 34.5% in the 3rd quarter. Janus Henderson Group PLC now owns 139,384 shares of the real estate investment trust’s stock worth $29,821,000 after acquiring an additional 35,776 shares during the last quarter. 80.91% of the stock is owned by institutional investors and hedge funds.
Shares of Public Storage (NYSE:PSA) opened at $211.56 on Friday. The firm has a market cap of $36,726.13, a P/E ratio of 21.29, a price-to-earnings-growth ratio of 4.52 and a beta of 0.43. Public Storage has a 12-month low of $192.15 and a 12-month high of $232.21.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Wednesday, December 13th will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 3.78%. The ex-dividend date is Tuesday, December 12th. Public Storage’s dividend payout ratio is presently 116.79%.
In other Public Storage news, Director Gary E. Pruitt sold 5,000 shares of Public Storage stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $212.09, for a total transaction of $1,060,450.00. Following the completion of the sale, the director now directly owns 8,350 shares in the company, valued at approximately $1,770,951.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John Reyes sold 60,000 shares of Public Storage stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $212.24, for a total transaction of $12,734,400.00. The disclosure for this sale can be found here. Insiders own 14.42% of the company’s stock.
PSA has been the subject of a number of research analyst reports. Zacks Investment Research lowered shares of Public Storage from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. BMO Capital Markets initiated coverage on shares of Public Storage in a report on Monday, September 11th. They set an “underperform” rating and a $193.00 price objective for the company. KeyCorp reiterated a “sell” rating and set a $184.00 price objective on shares of Public Storage in a report on Wednesday, September 13th. Evercore ISI reissued an “underperform” rating and set a $204.00 target price (up previously from $197.00) on shares of Public Storage in a research report on Thursday, September 14th. Finally, Barclays reissued a “hold” rating and set a $207.00 target price on shares of Public Storage in a research report on Thursday, October 19th. Seven research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $209.38.
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Public Storage Profile
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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