Victory Capital Management Inc. Sells 10,906 Shares of Public Storage $PSA

Victory Capital Management Inc. cut its stake in shares of Public Storage (NYSE:PSA) by 12.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 77,651 shares of the real estate investment trust’s stock after selling 10,906 shares during the period. Victory Capital Management Inc.’s holdings in Public Storage were worth $22,429,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. First Pacific Financial bought a new stake in Public Storage during the 3rd quarter worth $26,000. Asset Dedication LLC raised its position in Public Storage by 111.1% in the second quarter. Asset Dedication LLC now owns 95 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 50 shares during the last quarter. Raiffeisen Bank International AG acquired a new stake in shares of Public Storage during the third quarter valued at about $30,000. Tradewinds Capital Management LLC acquired a new stake in shares of Public Storage during the third quarter valued at about $33,000. Finally, Quent Capital LLC bought a new stake in shares of Public Storage during the third quarter worth about $37,000. 78.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PSA has been the subject of several recent research reports. Wells Fargo & Company downgraded Public Storage from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $330.00 to $295.00 in a research note on Thursday, February 5th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $301.00 target price (down from $316.00) on shares of Public Storage in a research report on Thursday, December 18th. Barclays boosted their target price on shares of Public Storage from $331.00 to $347.00 and gave the stock an “overweight” rating in a report on Thursday, March 5th. BMO Capital Markets decreased their price target on shares of Public Storage from $320.00 to $305.00 and set a “market perform” rating for the company in a research report on Monday, December 22nd. Finally, Scotiabank raised their price target on shares of Public Storage from $300.00 to $319.00 and gave the company a “sector outperform” rating in a research note on Monday, March 2nd. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $307.13.

Public Storage Price Performance

Shares of PSA opened at $306.75 on Tuesday. The business has a 50-day moving average of $287.88 and a 200-day moving average of $284.51. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.75 and a quick ratio of 0.75. The company has a market capitalization of $53.84 billion, a price-to-earnings ratio of 34.01, a price-to-earnings-growth ratio of 6.24 and a beta of 0.99. Public Storage has a 1 year low of $256.54 and a 1 year high of $322.49.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be given a $3.00 dividend. The ex-dividend date of this dividend is Monday, March 16th. This represents a $12.00 annualized dividend and a dividend yield of 3.9%. Public Storage’s dividend payout ratio (DPR) is 133.04%.

About Public Storage

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.