Beacon Pointe Advisors LLC Cuts Stake in Public Storage (NYSE:PSA)

Beacon Pointe Advisors LLC lowered its holdings in shares of Public Storage (NYSE:PSAGet Rating) by 10.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,818 shares of the real estate investment trust’s stock after selling 426 shares during the quarter. Beacon Pointe Advisors LLC’s holdings in Public Storage were worth $1,195,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Marshall & Sullivan Inc. WA purchased a new stake in shares of Public Storage during the second quarter worth about $26,000. American National Bank grew its holdings in Public Storage by 180.0% during the 2nd quarter. American National Bank now owns 84 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 54 shares in the last quarter. Wellington Shields Capital Management LLC purchased a new position in Public Storage during the 1st quarter valued at approximately $38,000. Benjamin F. Edwards & Company Inc. grew its holdings in Public Storage by 586.7% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 103 shares of the real estate investment trust’s stock valued at $40,000 after buying an additional 88 shares in the last quarter. Finally, Tcwp LLC purchased a new position in Public Storage during the 1st quarter valued at approximately $47,000. Hedge funds and other institutional investors own 78.19% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PSA shares. Citigroup reaffirmed a “buy” rating and issued a $367.00 price objective on shares of Public Storage in a research note on Thursday, July 28th. StockNews.com started coverage on Public Storage in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Morgan Stanley lowered their price objective on Public Storage from $298.00 to $290.00 and set an “equal weight” rating for the company in a research note on Thursday, October 13th. Raymond James lowered Public Storage from a “strong-buy” rating to an “outperform” rating and raised their price objective for the company from $365.00 to $380.00 in a research note on Tuesday, August 16th. Finally, Evercore ISI lowered their price objective on Public Storage from $333.00 to $327.00 and set an “in-line” rating for the company in a research note on Monday, September 19th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $368.91.

Public Storage Trading Down 0.7 %

PSA opened at $297.12 on Thursday. The stock’s fifty day moving average is $294.46 and its two-hundred day moving average is $313.86. The company has a market capitalization of $52.19 billion, a P/E ratio of 12.08, a PEG ratio of 2.50 and a beta of 0.40. Public Storage has a 52 week low of $270.73 and a 52 week high of $421.76. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 1.17.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Wednesday, December 14th will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $8.00 annualized dividend and a yield of 2.69%. Public Storage’s payout ratio is currently 32.52%.

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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