Parkside Financial Bank & Trust Raises Position in Public Storage (NYSE:PSA)

Parkside Financial Bank & Trust increased its holdings in Public Storage (NYSE:PSAGet Rating) by 70.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 251 shares of the real estate investment trust’s stock after purchasing an additional 104 shares during the period. Parkside Financial Bank & Trust’s holdings in Public Storage were worth $78,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in PSA. National Asset Management Inc. increased its stake in shares of Public Storage by 5.2% during the 1st quarter. National Asset Management Inc. now owns 1,620 shares of the real estate investment trust’s stock valued at $632,000 after acquiring an additional 80 shares during the last quarter. Stratos Wealth Partners LTD. increased its stake in shares of Public Storage by 11.5% during the 1st quarter. Stratos Wealth Partners LTD. now owns 1,944 shares of the real estate investment trust’s stock valued at $759,000 after acquiring an additional 200 shares during the last quarter. Bank of New Hampshire acquired a new position in shares of Public Storage during the 1st quarter valued at about $199,000. AdvisorNet Financial Inc increased its stake in shares of Public Storage by 3.8% during the 2nd quarter. AdvisorNet Financial Inc now owns 1,168 shares of the real estate investment trust’s stock valued at $365,000 after acquiring an additional 43 shares during the last quarter. Finally, EHP Funds Inc. acquired a new position in shares of Public Storage during the 1st quarter valued at about $4,449,000. 78.19% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Performance

Shares of PSA opened at $298.91 on Friday. The business’s 50 day moving average is $331.82 and its two-hundred day moving average is $342.33. Public Storage has a 52-week low of $292.32 and a 52-week high of $421.76. The firm has a market cap of $52.45 billion, a price-to-earnings ratio of 25.46, a PEG ratio of 2.75 and a beta of 0.33. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 1.29.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, September 14th will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend is Tuesday, September 13th. Public Storage’s payout ratio is 68.14%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PSA. Evercore ISI decreased their target price on Public Storage from $333.00 to $327.00 and set an “in-line” rating for the company in a report on Monday. Raymond James cut Public Storage from a “strong-buy” rating to an “outperform” rating and boosted their target price for the stock from $365.00 to $380.00 in a report on Tuesday, August 16th. UBS Group decreased their target price on Public Storage from $390.00 to $336.00 and set a “neutral” rating for the company in a report on Monday, July 25th. Truist Financial decreased their target price on Public Storage from $425.00 to $385.00 and set a “buy” rating for the company in a report on Wednesday, June 1st. Finally, StockNews.com upgraded Public Storage from a “hold” rating to a “buy” rating in a report on Monday, September 12th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $365.58.

Insider Buying and Selling at Public Storage

In other Public Storage news, Director Tamara Hughes Gustavson sold 203 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $348.29, for a total value of $70,702.87. Following the transaction, the director now directly owns 5,500 shares of the company’s stock, valued at approximately $1,915,595. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Public Storage news, Director Tamara Hughes Gustavson sold 203 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $348.29, for a total value of $70,702.87. Following the transaction, the director now directly owns 5,500 shares of the company’s stock, valued at approximately $1,915,595. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John Reyes sold 51,637 shares of the company’s stock in a transaction that occurred on Tuesday, August 16th. The shares were 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 in the company, valued at $61,959,814.35. The disclosure for this sale can be found here. Insiders have sold a total of 52,670 shares of company stock valued at $18,599,374 in the last three months. Corporate insiders own 11.00% of the company’s stock.

Public Storage Company 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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