Ieq Capital LLC lifted its position in shares of Public Storage (NYSE:PSA – Get Rating) by 31.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 10,022 shares of the real estate investment trust’s stock after acquiring an additional 2,377 shares during the quarter. Ieq Capital LLC’s holdings in Public Storage were worth $2,934,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in PSA. Illinois Municipal Retirement Fund boosted its stake in Public Storage by 55.3% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 50,905 shares of the real estate investment trust’s stock worth $14,905,000 after purchasing an additional 18,137 shares during the period. Mutual Advisors LLC boosted its stake in Public Storage by 63.4% in the 3rd quarter. Mutual Advisors LLC now owns 2,934 shares of the real estate investment trust’s stock worth $859,000 after purchasing an additional 1,138 shares during the period. CIBC Asset Management Inc boosted its stake in Public Storage by 1.8% in the 3rd quarter. CIBC Asset Management Inc now owns 39,325 shares of the real estate investment trust’s stock worth $11,515,000 after purchasing an additional 683 shares during the period. Kornitzer Capital Management Inc. KS bought a new position in Public Storage in the 3rd quarter worth about $205,000. Finally, Creative Planning boosted its stake in Public Storage by 21.9% in the 3rd quarter. Creative Planning now owns 13,933 shares of the real estate investment trust’s stock worth $4,080,000 after purchasing an additional 2,499 shares during the period. Institutional investors own 77.88% of the company’s stock.
Analyst Ratings Changes
PSA has been the subject of several analyst reports. StockNews.com initiated coverage on Public Storage in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Raymond James downgraded Public Storage from an “outperform” rating to a “market perform” rating in a research note on Monday, January 9th. Finally, Morgan Stanley cut their target price on 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 company. Based on data from MarketBeat, Public Storage currently has an average rating of “Hold” and an average target price of $368.91.
Public Storage Stock Performance
Public Storage Announces Dividend
The company also recently disclosed 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 of this dividend was Tuesday, December 13th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.75%. Public Storage’s dividend payout ratio is 32.52%.
Insider Activity at Public Storage
In other news, CEO Joseph D. Russell, Jr. acquired 2,500 shares of the firm’s stock in a transaction that occurred on Monday, December 12th. The shares were bought at an average cost 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 in the company, valued at approximately $13,686,542.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 11.00% of the stock is currently owned by insiders.
Public Storage Profile
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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