Park Avenue Securities LLC Increases Stake in Public Storage (NYSE:PSA)

Park Avenue Securities LLC raised its holdings in shares of Public Storage (NYSE:PSAGet Rating) by 15.4% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,914 shares of the real estate investment trust’s stock after acquiring an additional 256 shares during the quarter. Park Avenue Securities LLC’s holdings in Public Storage were worth $561,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PSA. AMI Investment Management Inc. bought a new position in Public Storage in the 1st quarter worth about $267,000. Blair William & Co. IL grew its stake in Public Storage by 7.3% during the first quarter. Blair William & Co. IL now owns 2,668 shares of the real estate investment trust’s stock valued at $1,041,000 after acquiring an additional 182 shares in the last quarter. Prudential PLC bought a new stake in Public Storage during the 1st quarter worth approximately $1,374,000. Sequoia Financial Advisors LLC purchased a new stake in Public Storage in the 1st quarter worth approximately $398,000. Finally, Candriam Luxembourg S.C.A. grew its position in shares of Public Storage by 19.0% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 13,506 shares of the real estate investment trust’s stock valued at $5,271,000 after purchasing an additional 2,156 shares in the last quarter. Institutional investors own 77.88% of the company’s stock.

Insider Transactions at Public Storage

In related news, CEO Joseph D. Russell, Jr. bought 2,500 shares of the company’s stock in a transaction that occurred on Monday, December 12th. The stock was bought at an average cost of $297.65 per share, for a total transaction of $744,125.00. Following the acquisition, the chief executive officer now directly 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 Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 11.00% of the company’s stock.

Public Storage Price Performance

PSA stock opened at $289.10 on Friday. The firm has a market cap of $50.78 billion, a P/E ratio of 11.75, a P/E/G ratio of 2.25 and a beta of 0.39. The firm’s fifty day moving average is $289.31 and its 200 day moving average is $305.93. Public Storage has a 52 week low of $270.13 and a 52 week high of $421.76. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.50 and a current ratio of 1.50.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 29th. Stockholders of record on Wednesday, December 14th were paid a dividend of $2.00 per share. The ex-dividend date was Tuesday, December 13th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.77%. Public Storage’s dividend payout ratio (DPR) is currently 32.52%.

Wall Street Analyst Weigh In

Several research firms recently commented on PSA. Raymond James cut Public Storage from an “outperform” rating to a “market perform” rating in a research report on Monday, January 9th. Morgan Stanley decreased their price objective on shares of Public Storage from $298.00 to $290.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 13th. Finally, StockNews.com initiated coverage on shares of Public Storage in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $368.91.

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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