Carnegie Investment Counsel Trims Holdings in Public Storage $PSA

Carnegie Investment Counsel decreased its holdings in Public Storage (NYSE:PSA) by 6.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 105,808 shares of the real estate investment trust’s stock after selling 6,961 shares during the period. Carnegie Investment Counsel owned about 0.06% of Public Storage worth $27,457,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of PSA. Empowered Funds LLC increased its stake in Public Storage by 13.3% in the first quarter. Empowered Funds LLC now owns 3,186 shares of the real estate investment trust’s stock worth $954,000 after purchasing an additional 373 shares during the period. Sivia Capital Partners LLC bought a new position in shares of Public Storage during the 2nd quarter worth $929,000. Bank of Nova Scotia grew its position in shares of Public Storage by 5.5% during the 2nd quarter. Bank of Nova Scotia now owns 18,253 shares of the real estate investment trust’s stock worth $5,356,000 after buying an additional 958 shares in the last quarter. Intact Investment Management Inc. grew its position in shares of Public Storage by 50.0% during the 2nd quarter. Intact Investment Management Inc. now owns 300 shares of the real estate investment trust’s stock worth $88,000 after buying an additional 100 shares in the last quarter. Finally, Nebula Research & Development LLC bought a new position in shares of Public Storage during the 2nd quarter worth $1,113,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Evercore set a $302.00 price target on Public Storage in a research report on Tuesday, February 17th. Wall Street Zen downgraded Public Storage from a “hold” rating to a “sell” rating in a research report on Sunday, March 29th. Deutsche Bank Aktiengesellschaft downgraded Public Storage from a “buy” rating to a “hold” rating and set a $285.00 price target on the stock. in a research report on Tuesday, January 20th. The Goldman Sachs Group reissued a “buy” rating and set a $330.00 price target on shares of Public Storage in a research report on Friday, February 20th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Public Storage in a research report on Thursday, January 22nd. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, Public Storage presently has an average rating of “Hold” and a consensus price target of $306.53.

Public Storage Stock Performance

PSA stock opened at $293.53 on Friday. The firm has a market cap of $51.52 billion, a price-to-earnings ratio of 32.54, a PEG ratio of 6.01 and a beta of 1.02. The firm has a 50-day simple moving average of $290.11 and a two-hundred day simple moving average of $283.17. Public Storage has a one year low of $256.54 and a one year high of $312.95. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.75 and a current ratio of 0.75.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th were given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Monday, March 16th. Public Storage’s dividend payout ratio is presently 133.04%.

Public Storage Profile

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.