Public Storage (NYSE:PSA) Shares Bought by Manning & Napier Group LLC

Manning & Napier Group LLC increased its stake in Public Storage (NYSE:PSAGet Rating) by 2.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 54,723 shares of the real estate investment trust’s stock after purchasing an additional 1,350 shares during the quarter. Manning & Napier Group LLC’s holdings in Public Storage were worth $17,109,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Public Storage by 1.4% in the first quarter. Vanguard Group Inc. now owns 20,359,277 shares of the real estate investment trust’s stock valued at $7,945,819,000 after acquiring an additional 275,264 shares in the last quarter. BlackRock Inc. increased its position in shares of Public Storage by 2.7% during the 4th quarter. BlackRock Inc. now owns 17,255,693 shares of the real estate investment trust’s stock valued at $6,463,290,000 after purchasing an additional 456,793 shares during the period. State Street Corp raised its stake in shares of Public Storage by 10.3% in the 1st quarter. State Street Corp now owns 11,667,458 shares of the real estate investment trust’s stock worth $4,553,576,000 after buying an additional 1,085,578 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Public Storage by 1.9% in the first quarter. Wellington Management Group LLP now owns 4,041,870 shares of the real estate investment trust’s stock valued at $1,577,461,000 after buying an additional 74,406 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Public Storage by 15.0% during the first quarter. JPMorgan Chase & Co. now owns 2,781,663 shares of the real estate investment trust’s stock valued at $1,085,625,000 after buying an additional 362,327 shares in the last quarter. Institutional investors own 78.19% of the company’s stock.

Public Storage Stock Down 0.2 %

Shares of Public Storage stock opened at $312.50 on Tuesday. The stock has a 50-day moving average price of $332.08 and a 200 day moving average price of $343.41. The company has a market cap of $54.83 billion, a P/E ratio of 26.62, a P/E/G ratio of 2.86 and a beta of 0.33. The company has a current ratio of 2.14, a quick ratio of 2.14 and a debt-to-equity ratio of 1.29. Public Storage has a 1 year low of $292.32 and a 1 year high of $421.76.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, September 14th will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 2.56%. The ex-dividend date is Tuesday, September 13th. Public Storage’s dividend payout ratio is currently 68.14%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PSA. Truist Financial cut their price target on shares of Public Storage from $425.00 to $385.00 and set a “buy” rating for the company in a report on Wednesday, June 1st. Raymond James lowered shares of Public Storage from a “strong-buy” rating to an “outperform” rating and lifted their price target for the stock from $365.00 to $380.00 in a research report on Tuesday, August 16th. Citigroup reissued a “buy” rating and set a $367.00 price objective on shares of Public Storage in a research note on Thursday, July 28th. Jefferies Financial Group cut their target price on Public Storage from $465.00 to $369.00 and set a “buy” rating on the stock in a research report on Thursday, June 30th. Finally, UBS Group decreased their price target on Public Storage from $390.00 to $336.00 and set a “neutral” rating for the company in a research report on Monday, July 25th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $365.58.

Insider Buying and Selling

In other news, Director Tamara Hughes Gustavson sold 203 shares of the firm’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $348.29, for a total transaction of $70,702.87. Following the completion of the sale, the director now directly owns 5,500 shares of the company’s stock, valued at approximately $1,915,595. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Tamara Hughes Gustavson sold 203 shares of the firm’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $348.29, for a total transaction of $70,702.87. Following the completion of the sale, the director now directly owns 5,500 shares of the company’s stock, valued at approximately $1,915,595. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Reyes sold 51,637 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $353.15, for a total value of $18,235,606.55. Following the sale, the director now directly owns 175,449 shares of the company’s stock, valued at $61,959,814.35. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,670 shares of company stock valued at $18,599,374. Corporate insiders own 11.00% of the company’s stock.

Public Storage Profile

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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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