Franklin Resources Inc. Has $102.40 Million Stake in Public Storage (NYSE:PSA)

Franklin Resources Inc. decreased its holdings in shares of Public Storage (NYSE:PSAGet Rating) by 9.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 327,521 shares of the real estate investment trust’s stock after selling 35,796 shares during the quarter. Franklin Resources Inc. owned 0.19% of Public Storage worth $102,404,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of PSA. Atria Investments LLC bought a new stake in shares of Public Storage during the first quarter worth about $1,246,000. National Asset Management Inc. grew its holdings in shares of Public Storage by 5.2% during the first quarter. National Asset Management Inc. now owns 1,620 shares of the real estate investment trust’s stock worth $632,000 after purchasing an additional 80 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Public Storage during the first quarter worth about $166,000. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Public Storage by 586.7% during 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, Victory Capital Management Inc. grew its holdings in shares of Public Storage by 5.0% during the first quarter. Victory Capital Management Inc. now owns 67,490 shares of the real estate investment trust’s stock worth $25,073,000 after purchasing an additional 3,225 shares during the last quarter. Institutional investors and hedge funds own 78.19% of the company’s stock.

Analyst Ratings Changes

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

Public Storage Price Performance

Public Storage stock opened at $297.12 on Thursday. The stock has a market capitalization of $52.19 billion, a price-to-earnings 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 stock’s 50 day moving average price is $294.46 and its two-hundred day moving average price is $313.86. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.50 and a current ratio of 1.50.

Public Storage Announces Dividend

The firm also recently declared 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. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date of this dividend is Tuesday, December 13th. Public Storage’s payout ratio is 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.

See Also

Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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