Kornitzer Capital Management Inc. KS Acquires New Position in Public Storage (NYSE:PSA)

Kornitzer Capital Management Inc. KS bought a new position in shares of Public Storage (NYSE:PSA – Get Rating) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 700 shares of the real estate investment trust’s stock, valued at approximately $205,000.

A number of other hedge funds also recently added to or reduced their stakes in PSA. Legal & General Group Plc raised its stake in shares of Public Storage by 0.9% in the second quarter. Legal & General Group Plc now owns 2,248,795 shares of the real estate investment trust’s stock valued at $703,134,000 after acquiring an additional 20,884 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Public Storage by 6.1% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,656,781 shares of the real estate investment trust’s stock valued at $518,026,000 after purchasing an additional 94,593 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Public Storage by 2.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,429,511 shares of the real estate investment trust’s stock valued at $557,910,000 after purchasing an additional 27,696 shares in the last quarter. FMR LLC boosted its stake in shares of Public Storage by 44.3% in the 2nd quarter. FMR LLC now owns 1,412,624 shares of the real estate investment trust’s stock valued at $441,685,000 after buying an additional 433,737 shares during the period. Finally, Centersquare Investment Management LLC grew its position in shares of Public Storage by 4.1% during the first quarter. Centersquare Investment Management LLC now owns 1,273,985 shares of the real estate investment trust’s stock worth $497,210,000 after buying an additional 50,715 shares in the last quarter. 77.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PSA has been the topic of several analyst reports. StockNews.com assumed coverage on shares of Public Storage in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Raymond James cut shares of Public Storage from an “outperform” rating to a “market perform” rating in a research report on Monday, January 9th. Finally, 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. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $368.91.

Insider Transactions at Public Storage

In other Public Storage news, CEO Joseph D. Russell, Jr. purchased 2,500 shares of Public Storage stock in a transaction that occurred on Monday, December 12th. The stock was purchased at an average price of $297.65 per share, for a total transaction of $744,125.00. Following the transaction, the chief executive officer now directly owns 45,982 shares in the company, valued at $13,686,542.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 11.00% of the company’s stock.

Public Storage Stock Performance

NYSE PSA opened at $289.10 on Monday. The company has a fifty day moving average of $289.31 and a two-hundred day moving average of $305.79. The company has a market capitalization of $50.78 billion, a PE ratio of 11.75, a P/E/G ratio of 2.24 and a beta of 0.39. Public Storage has a 1 year low of $270.13 and a 1 year high of $421.76. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.50 and a quick ratio of 1.50.

Public Storage Dividend Announcement

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

Public Storage Company Profile

(Get Rating)

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.