Mackenzie Financial Corp cut its holdings in Public Storage (NYSE:PSA – Get Rating) by 42.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 53,226 shares of the real estate investment trust’s stock after selling 39,867 shares during the quarter. Mackenzie Financial Corp’s holdings in Public Storage were worth $16,642,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in PSA. State Street Corp lifted its stake in Public Storage by 10.3% in the first quarter. State Street Corp now owns 11,667,458 shares of the real estate investment trust’s stock worth $4,553,576,000 after acquiring an additional 1,085,578 shares during the period. JPMorgan Chase & Co. raised its holdings in Public Storage by 15.0% in the first quarter. JPMorgan Chase & Co. now owns 2,781,663 shares of the real estate investment trust’s stock worth $1,085,625,000 after purchasing an additional 362,327 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Public Storage by 54.9% in the first quarter. Russell Investments Group Ltd. now owns 939,881 shares of the real estate investment trust’s stock worth $367,331,000 after purchasing an additional 333,170 shares in the last quarter. Vanguard Group Inc. raised its holdings in 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 worth $7,945,819,000 after purchasing an additional 275,264 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in Public Storage by 931.5% in the first quarter. American Century Companies Inc. now owns 300,574 shares of the real estate investment trust’s stock worth $117,309,000 after purchasing an additional 271,434 shares in the last quarter. 78.19% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, Director Tamara Hughes Gustavson sold 203 shares of the stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $348.29, for a total value of $70,702.87. Following the transaction, the director now owns 5,500 shares in the company, valued at approximately $1,915,595. The sale was disclosed in a filing with the SEC, which is available through this link. 11.00% of the stock is owned by corporate insiders.
Public Storage Stock Performance
Public Storage Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Investors of record on Wednesday, December 14th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $8.00 annualized dividend and a yield of 2.76%. Public Storage’s dividend payout ratio (DPR) is presently 32.52%.
Wall Street Analyst Weigh In
A number of equities analysts have commented on the stock. Morgan Stanley reduced their target price on shares of Public Storage from $298.00 to $290.00 and set an “equal weight” rating for the company in a report on Thursday, October 13th. Raymond James downgraded shares of 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. StockNews.com assumed coverage on shares of Public Storage in a report on Wednesday, October 12th. They issued a “hold” rating for the company. UBS Group reduced their target price on shares of Public Storage from $390.00 to $336.00 and set a “neutral” rating for the company in a report on Monday, July 25th. Finally, Evercore ISI cut their price objective on shares of Public Storage from $333.00 to $327.00 and set an “in-line” rating on the stock in a report on Monday, September 19th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $368.91.
Public Storage Company 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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