Public Storage (NYSE:PSA) Shares Purchased by Summit X LLC

Summit X LLC increased its stake in shares of Public Storage (NYSE:PSAGet Rating) by 4.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,148 shares of the real estate investment trust’s stock after purchasing an additional 46 shares during the period. Summit X LLC’s holdings in Public Storage were worth $333,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of PSA. American National Bank raised its position in shares of Public Storage by 180.0% during the 2nd quarter. American National Bank now owns 84 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 54 shares during the last quarter. Private Ocean LLC acquired a new position in shares of Public Storage during the 3rd quarter worth approximately $31,000. Ronald Blue Trust Inc. acquired a new position in shares of Public Storage during the 2nd quarter worth approximately $37,000. Northern Oak Wealth Management Inc. raised its position in shares of Public Storage by 161.3% during the 2nd quarter. Northern Oak Wealth Management Inc. now owns 162 shares of the real estate investment trust’s stock worth $51,000 after purchasing an additional 100 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. grew its stake in Public Storage by 116.5% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 223 shares of the real estate investment trust’s stock worth $65,000 after acquiring an additional 120 shares during the period. 77.88% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Down 1.8 %

Shares of NYSE PSA opened at $290.87 on Tuesday. Public Storage has a 52-week low of $270.13 and a 52-week high of $421.76. The firm has a fifty day moving average of $289.61 and a 200-day moving average of $306.58. The stock has a market capitalization of $51.09 billion, a PE ratio of 11.82, a P/E/G ratio of 2.25 and a beta of 0.39. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 1.17.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 29th. Investors of record on Wednesday, December 14th were issued a dividend of $2.00 per share. The ex-dividend date was Tuesday, December 13th. This represents a $8.00 annualized dividend and a dividend yield of 2.75%. Public Storage’s payout ratio is 32.52%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Raymond James cut shares of Public Storage from an “outperform” rating to a “market perform” rating in a research note on Monday, January 9th. Morgan Stanley lowered their target price on shares of Public Storage from $298.00 to $290.00 and set an “equal weight” rating for the company in a research note on Thursday, October 13th. Evercore ISI lowered their target price on shares of Public Storage from $333.00 to $327.00 and set an “in-line” rating for the company in a research note on Monday, September 19th. Finally, StockNews.com assumed coverage on shares of Public Storage in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $368.91.

Insider Activity at Public Storage

In other Public Storage news, CEO Joseph D. Russell, Jr. bought 2,500 shares of Public Storage stock in a transaction that occurred on Monday, December 12th. The shares were acquired at an average price of $297.65 per share, for a total transaction of $744,125.00. Following the acquisition, the chief executive officer now owns 45,982 shares of the company’s stock, valued at approximately $13,686,542.30. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 11.00% of the company’s stock.

About Public Storage

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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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