Sumitomo Life Insurance Co. reduced its stake in shares of Public Storage (NYSE:PSA) by 9.8% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 9,375 shares of the real estate investment trust’s stock after selling 1,015 shares during the period. Sumitomo Life Insurance Co.’s holdings in Public Storage were worth $2,042,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently modified their holdings of the company. Sage Capital Advisors llc bought a new stake in Public Storage during the 4th quarter worth approximately $29,000. Oregon Public Employees Retirement Fund increased its holdings in Public Storage by 18,823.9% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 7,180,090 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 7,142,148 shares in the last quarter. Liberty Wealth Management LLC bought a new stake in Public Storage during the 4th quarter worth approximately $37,000. CNB Bank bought a new stake in Public Storage during the 4th quarter worth approximately $42,000. Finally, Truvestments Capital LLC bought a new stake in Public Storage during the 1st quarter worth approximately $48,000. 81.08% of the stock is owned by hedge funds and other institutional investors.
Public Storage stock opened at $217.44 on Wednesday. Public Storage has a 12 month low of $192.02 and a 12 month high of $234.90. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $38.49 billion, a P/E ratio of 20.59, a PEG ratio of 5.17 and a beta of 0.26.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were paid a $2.00 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $8.00 annualized dividend and a yield of 3.68%. Public Storage’s payout ratio is 75.76%.
PSA has been the subject of a number of recent research reports. Bank of America set a $230.00 price objective on Public Storage and gave the stock a “hold” rating in a report on Friday, March 1st. Barclays restated a “hold” rating and issued a $215.00 target price on shares of Public Storage in a research note on Thursday, March 7th. Zacks Investment Research upgraded Public Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, February 12th. Jefferies Financial Group upgraded Public Storage from an “underperform” rating to a “hold” rating and boosted their target price for the stock from $181.00 to $201.00 in a research note on Tuesday, April 9th. Finally, Argus boosted their target price on Public Storage to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, April 9th. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. Public Storage has an average rating of “Hold” and a consensus price target of $211.88.
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About Public Storage
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. The Company's headquarters are located in Glendale, California. At December 31, 2018, we had interests in 2,429 self-storage facilities located in 38 states with approximately 162 million net rentable square feet in the United States and we owned a 35.2% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR), which owned 232 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand.
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