Public Storage (NYSE:PSA) Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc lowered its holdings in shares of Public Storage (NYSE:PSAGet Rating) by 19.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,223 shares of the real estate investment trust’s stock after selling 9,950 shares during the period. CIBC Asset Management Inc’s holdings in Public Storage were worth $15,698,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of PSA. Janney Montgomery Scott LLC boosted its stake in Public Storage by 10.8% during the 4th quarter. Janney Montgomery Scott LLC now owns 8,368 shares of the real estate investment trust’s stock worth $3,134,000 after purchasing an additional 819 shares during the period. National Asset Management Inc. raised its position in Public Storage by 6.2% during the 4th quarter. National Asset Management Inc. now owns 1,540 shares of the real estate investment trust’s stock worth $577,000 after buying an additional 90 shares during the last quarter. D.A. Davidson & CO. raised its position in Public Storage by 62.7% during the 4th quarter. D.A. Davidson & CO. now owns 1,729 shares of the real estate investment trust’s stock worth $647,000 after buying an additional 666 shares during the last quarter. Ieq Capital LLC raised its position in Public Storage by 10.5% during the 4th quarter. Ieq Capital LLC now owns 2,056 shares of the real estate investment trust’s stock worth $770,000 after buying an additional 196 shares during the last quarter. Finally, Raymond James Trust N.A. raised its position in Public Storage by 25.7% during the 4th quarter. Raymond James Trust N.A. now owns 2,765 shares of the real estate investment trust’s stock worth $1,036,000 after buying an additional 566 shares during the last quarter. Institutional investors and hedge funds own 78.54% of the company’s stock.

Public Storage Stock Performance

NYSE:PSA opened at $328.40 on Thursday. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 1.39. The firm has a 50-day moving average price of $316.49 and a two-hundred day moving average price of $347.84. Public Storage has a twelve month low of $292.32 and a twelve month high of $421.76. The company has a market capitalization of $57.62 billion, a P/E ratio of 31.91, a price-to-earnings-growth ratio of 2.95 and a beta of 0.34.

Public Storage (NYSE:PSAGet Rating) last posted its earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 earnings per share for the quarter, missing the consensus estimate of $3.59 by ($0.96). Public Storage had a net margin of 54.79% and a return on equity of 38.01%. The business had revenue of $749.27 million for the quarter, compared to analysts’ expectations of $985.58 million. During the same quarter last year, the business posted $2.82 earnings per share. The business’s revenue was up 15.8% compared to the same quarter last year. As a group, research analysts expect that Public Storage will post 15.56 earnings per share for the current fiscal year.

Public Storage Increases Dividend

The firm also recently announced a None dividend, which will be paid on Thursday, August 4th. Shareholders of record on Monday, August 1st will be issued a dividend of $13.15 per share. This is an increase from Public Storage’s previous None dividend of $2.00. The ex-dividend date of this dividend is Friday, July 29th. Public Storage’s dividend payout ratio (DPR) is 77.75%.

Analyst Ratings Changes

A number of brokerages have commented on PSA. Raymond James cut their price objective on shares of Public Storage from $375.00 to $365.00 in a research report on Monday, May 23rd. Morgan Stanley cut their price objective on shares of Public Storage from $357.00 to $298.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 25th. Evercore ISI set a $348.00 price objective on shares of Public Storage in a research report on Monday, June 20th. The Goldman Sachs Group increased their price target on shares of Public Storage from $398.00 to $440.00 and gave the company a “neutral” rating in a report on Thursday, April 14th. Finally, Jefferies Financial Group cut their price target on shares of Public Storage from $465.00 to $369.00 and set a “buy” rating for the company in a report on Thursday, June 30th. Six research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $366.08.

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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