CIBC Bancorp USA Inc. Invests $18.28 Million in Public Storage $PSA

CIBC Bancorp USA Inc. acquired a new stake in Public Storage (NYSE:PSA) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 63,286 shares of the real estate investment trust’s stock, valued at approximately $18,280,000.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Public Storage by 10.8% during the 3rd quarter. Vanguard Group Inc. now owns 23,068,701 shares of the real estate investment trust’s stock worth $6,663,394,000 after purchasing an additional 2,253,225 shares in the last quarter. State Street Corp grew its stake in shares of Public Storage by 1.2% in the 2nd quarter. State Street Corp now owns 10,613,807 shares of the real estate investment trust’s stock valued at $3,114,303,000 after buying an additional 126,113 shares during the period. Norges Bank bought a new stake in Public Storage in the 2nd quarter valued at about $1,153,971,000. JPMorgan Chase & Co. increased its holdings in shares of Public Storage by 5.6% during the third quarter. JPMorgan Chase & Co. now owns 3,334,488 shares of the real estate investment trust’s stock valued at $963,177,000 after acquiring an additional 177,421 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Public Storage by 3.1% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,924,395 shares of the real estate investment trust’s stock valued at $857,674,000 after purchasing an additional 87,918 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Price Performance

Shares of NYSE:PSA opened at $277.39 on Friday. The company’s fifty day moving average price is $292.40 and its 200-day moving average price is $284.60. 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 firm has a market capitalization of $48.68 billion, a price-to-earnings ratio of 30.75, a PEG ratio of 5.61 and a beta of 0.99. Public Storage has a one year low of $256.54 and a one year high of $312.95.

Public Storage Announces Dividend

The company 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 dividend of $3.00 per share. The ex-dividend date is Monday, March 16th. This represents a $12.00 annualized dividend and a dividend yield of 4.3%. Public Storage’s dividend payout ratio is 133.04%.

Wall Street Analyst Weigh In

A number of research firms recently commented on PSA. Deutsche Bank Aktiengesellschaft lowered Public Storage from a “buy” rating to a “hold” rating and set a $285.00 price target for the company. in a research report on Tuesday, January 20th. Morgan Stanley began coverage on Public Storage in a report on Friday, December 5th. They issued an “equal weight” rating and a $290.00 target price for the company. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $301.00 price target (down from $316.00) on shares of Public Storage in a report on Thursday, December 18th. Truist Financial lifted their price objective on shares of Public Storage from $315.00 to $317.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Finally, Wall Street Zen downgraded Public Storage from a “hold” rating to a “sell” rating in a research note on Saturday, January 10th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $307.00.

Public Storage Company 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.