Mutual of America Capital Management LLC grew its stake in shares of Public Storage (NYSE:PSA – Get Rating) by 2.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 20,822 shares of the real estate investment trust’s stock after buying an additional 462 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Public Storage were worth $6,510,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Marshall & Sullivan Inc. WA bought a new stake in shares of Public Storage in the second quarter worth $26,000. American National Bank grew its stake in shares of Public Storage by 180.0% in the second quarter. American National Bank now owns 84 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 54 shares during the last quarter. Wellington Shields Capital Management LLC bought a new stake in shares of Public Storage in the first quarter worth $38,000. Benjamin F. Edwards & Company Inc. grew its stake in shares of Public Storage by 586.7% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 103 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 88 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Public Storage in the first quarter worth $47,000. Institutional investors own 78.19% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms recently issued reports on PSA. UBS Group dropped their target price on shares of Public Storage from $390.00 to $336.00 and set a “neutral” rating on the stock in a report on Monday, July 25th. Raymond James lowered shares of Public Storage from a “strong-buy” rating to an “outperform” rating and upped their price objective for the company from $365.00 to $380.00 in a report on Tuesday, August 16th. Morgan Stanley dropped their price objective on shares of Public Storage from $298.00 to $290.00 and set an “equal weight” rating on the stock in a report on Thursday, October 13th. Citigroup reiterated a “buy” rating and set a $367.00 price objective on shares of Public Storage in a report on Thursday, July 28th. Finally, StockNews.com started coverage on shares of Public Storage in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $368.91.
Insider Activity at Public Storage
Public Storage Stock Performance
NYSE PSA opened at $291.10 on Thursday. Public Storage has a 1 year low of $270.73 and a 1 year high of $421.76. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.50 and a quick ratio of 1.50. The stock has a market capitalization of $51.13 billion, a PE ratio of 11.83, a P/E/G ratio of 2.41 and a beta of 0.40. The company’s 50 day simple moving average is $297.78 and its two-hundred day simple moving average is $315.71.
Public Storage Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Wednesday, December 14th will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 2.75%. The ex-dividend date of this dividend is Tuesday, December 13th. Public Storage’s dividend payout ratio (DPR) is currently 32.52%.
About Public Storage
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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