Public Storage (PSA) Stock Rating Reaffirmed by BMO Capital Markets
BMO Capital Markets reiterated their hold rating on shares of Public Storage (NYSE:PSA) in a research note published on Wednesday morning. BMO Capital Markets currently has a $210.00 target price on the real estate investment trust’s stock.
A number of other brokerages also recently issued reports on PSA. Robert W. Baird downgraded Public Storage from an outperform rating to a neutral rating and lowered their price objective for the stock from $248.00 to $235.00 in a research report on Thursday, January 5th. Zacks Investment Research upgraded Public Storage from a sell rating to a hold rating in a report on Tuesday, January 3rd. Barclays PLC lowered their target price on Public Storage from $230.00 to $215.00 and set an equal weight rating for the company in a report on Monday, January 23rd. Evercore ISI downgraded Public Storage from a hold rating to an underperform rating in a report on Friday, March 3rd. Finally, Cantor Fitzgerald reiterated a hold rating and issued a $222.00 target price on shares of Public Storage in a report on Monday, March 20th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $232.81.
Public Storage (NYSE:PSA) opened at 229.40 on Wednesday. Public Storage has a 12 month low of $200.65 and a 12 month high of $267.34. The company’s 50-day moving average is $223.85 and its 200 day moving average is $217.90. The company has a market cap of $39.83 billion, a price-to-earnings ratio of 33.69 and a beta of 0.45.
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 30th. Shareholders of record on Wednesday, March 15th were paid a $2.00 dividend. The ex-dividend date of this dividend was Monday, March 13th. This represents a $8.00 dividend on an annualized basis and a yield of 3.49%. Public Storage’s dividend payout ratio is currently 122.70%.
In other news, SVP Lily Yan Hughes sold 658 shares of the company’s stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $227.76, for a total value of $149,866.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ronald L. Havner, Jr. sold 83,000 shares of the company’s stock in a transaction dated Tuesday, March 14th. The stock was sold at an average price of $219.52, for a total value of $18,220,160.00. The disclosure for this sale can be found here. Insiders sold a total of 173,658 shares of company stock worth $38,645,076 over the last 90 days. Corporate insiders own 14.20% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Mascoma Wealth Management LLC boosted its stake in shares of Public Storage by 128.0% in the first quarter. Mascoma Wealth Management LLC now owns 456 shares of the real estate investment trust’s stock valued at $100,000 after buying an additional 256 shares in the last quarter. Parallel Advisors LLC acquired a new stake in Public Storage during the fourth quarter valued at $112,000. Quadrant Capital Group LLC boosted its stake in Public Storage by 0.5% in the first quarter. Quadrant Capital Group LLC now owns 629 shares of the real estate investment trust’s stock valued at $130,000 after buying an additional 3 shares during the period. Tower Research Capital LLC TRC purchased a new position in shares of Public Storage during the third quarter valued at about $142,000. Finally, Mosaic Family Wealth LLC raised its position in shares of Public Storage by 48.0% in the third quarter. Mosaic Family Wealth LLC now owns 771 shares of the real estate investment trust’s stock valued at $172,000 after buying an additional 250 shares in the last quarter. Hedge funds and other institutional investors own 78.94% of the company’s stock.
Public Storage Company Profile
Public Storage is a real estate investment trust (REIT). The Company’s principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space.
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