Mutual Advisors LLC Increases Stock Position in Public Storage (NYSE:PSA)

Mutual Advisors LLC increased its position in Public Storage (NYSE:PSA – Get Rating) by 63.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,934 shares of the real estate investment trust’s stock after acquiring an additional 1,138 shares during the period. Mutual Advisors LLC’s holdings in Public Storage were worth $859,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. AlphaCrest Capital Management LLC raised its holdings in Public Storage by 58.5% in the 2nd quarter. AlphaCrest Capital Management LLC now owns 11,976 shares of the real estate investment trust’s stock worth $3,745,000 after acquiring an additional 4,422 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its position in Public Storage by 4.8% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 3,097 shares of the real estate investment trust’s stock worth $968,000 after purchasing an additional 141 shares during the period. Assetmark Inc. grew its position in Public Storage by 18.4% in the 2nd quarter. Assetmark Inc. now owns 3,168 shares of the real estate investment trust’s stock worth $991,000 after purchasing an additional 492 shares during the period. Ieq Capital LLC grew its position in Public Storage by 1.2% in the 2nd quarter. Ieq Capital LLC now owns 7,645 shares of the real estate investment trust’s stock worth $2,390,000 after purchasing an additional 92 shares during the period. Finally, SeaCrest Wealth Management LLC bought a new stake in Public Storage in the 2nd quarter worth approximately $106,000. 77.88% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on PSA shares. Morgan Stanley cut 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 report on Thursday, October 13th. StockNews.com assumed coverage on shares of Public Storage in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Raymond James downgraded shares of Public Storage from an “outperform” rating to a “market perform” rating in a research report on Monday, January 9th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Public Storage has a consensus rating of “Hold” and an average price target of $368.91.

Insider Buying and Selling

In other 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 price of $297.65 per share, with a total value 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 Securities & Exchange Commission, which is available through this link. 11.00% of the stock is currently owned by insiders.

Public Storage Trading Up 0.6 %

Shares of Public Storage stock opened at $290.85 on Tuesday. The company has a market capitalization of $51.08 billion, a P/E ratio of 11.82, a P/E/G ratio of 2.24 and a beta of 0.39. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.50 and a current ratio of 1.50. The company has a fifty day moving average of $289.31 and a 200 day moving average of $305.62. Public Storage has a fifty-two week low of $270.13 and a fifty-two week high of $421.76.

Public Storage Dividend Announcement

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

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.