Public Storage (NYSE:PSA) is Cohen & Steers Inc.’s 2nd Largest Position

Cohen & Steers Inc. lowered its position in shares of Public Storage (NYSE:PSAGet Rating) by 2.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,967,452 shares of the real estate investment trust’s stock after selling 277,285 shares during the quarter. Public Storage comprises approximately 7.8% of Cohen & Steers Inc.’s portfolio, making the stock its 2nd biggest position. Cohen & Steers Inc. owned 6.82% of Public Storage worth $4,671,387,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mystic Asset Management Inc. bought a new position in shares of Public Storage during the fourth quarter valued at $26,000. Investors Research Corp increased its holdings in shares of Public Storage by 102.5% during the first quarter. Investors Research Corp now owns 81 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 41 shares in the last quarter. Stonebridge Capital Advisors LLC increased its holdings in shares of Public Storage by 119.0% during the fourth quarter. Stonebridge Capital Advisors LLC now owns 92 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 50 shares in the last quarter. Byrne Asset Management LLC bought a new position in shares of Public Storage during the fourth quarter valued at $38,000. Finally, Wellington Shields Capital Management LLC bought a new position in shares of Public Storage during the first quarter valued at $38,000. Hedge funds and other institutional investors own 78.19% of the company’s stock.

Public Storage Trading Down 0.1 %

Public Storage stock opened at $339.16 on Friday. Public Storage has a 52-week low of $292.32 and a 52-week high of $421.76. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 1.29. The company has a market cap of $59.51 billion, a P/E ratio of 28.89, a P/E/G ratio of 3.11 and a beta of 0.33. The business has a 50-day simple moving average of $331.33 and a two-hundred day simple moving average of $345.35.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Wednesday, September 14th will be given a dividend of $2.00 per share. The ex-dividend date is Tuesday, September 13th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.36%. Public Storage’s payout ratio is currently 68.14%.

Insider Activity

In other news, Director Tamara Hughes Gustavson sold 830 shares of Public Storage stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $353.09, for a total transaction of $293,064.70. Following the transaction, the director now directly owns 1,430 shares of the company’s stock, valued at approximately $504,918.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Tamara Hughes Gustavson sold 830 shares of Public Storage stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $353.09, for a total transaction of $293,064.70. Following the transaction, the director now directly owns 1,430 shares of the company’s stock, valued at approximately $504,918.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John Reyes sold 51,637 shares of Public Storage stock in a transaction dated 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 transaction, 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 ninety days. Corporate insiders own 11.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PSA shares. Raymond James downgraded Public Storage from a “strong-buy” rating to an “outperform” rating and raised their price target for the company from $365.00 to $380.00 in a report on Tuesday, August 16th. Jefferies Financial Group reduced their price objective on Public Storage from $465.00 to $369.00 and set a “buy” rating for the company in a report on Thursday, June 30th. Evercore ISI set a $348.00 price objective on Public Storage in a report on Monday, June 20th. BMO Capital Markets upgraded Public Storage from a “market perform” rating to an “outperform” rating and reduced their price objective for the stock from $410.00 to $370.00 in a report on Thursday, May 19th. Finally, Stifel Nicolaus reduced their price objective on Public Storage from $410.00 to $360.00 in a report on Tuesday, June 21st. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $367.33.

Public Storage 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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