Public Storage (NYSE:PSA) Sees Significant Increase in Short Interest
Public Storage (NYSE:PSA) was the target of a large increase in short interest during the month of July. As of July 15th, there was short interest totalling 5,972,800 shares, an increase of 6.1% from the June 15th total of 5,631,800 shares. Based on an average daily volume of 761,300 shares, the short-interest ratio is presently 7.8 days. Currently, 4.0% of the shares of the company are short sold.
Several analysts recently weighed in on the company. Barclays set a €45.00 ($52.33) price target on Zalando and gave the stock a “buy” rating in a report on Tuesday, April 16th. Jefferies Financial Group reissued a “hold” rating on shares of COMPASS GRP PLC/S in a report on Tuesday, April 9th. Bank of America set a $224.00 price target on Facebook and gave the stock a “buy” rating in a report on Friday, July 19th. ValuEngine cut Verso from a “hold” rating to a “sell” rating in a report on Thursday, May 23rd. Finally, Argus lifted their price target on Public Storage to $240.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $218.39.
NYSE:PSA traded up $0.35 during mid-day trading on Tuesday, hitting $243.10. 916,063 shares of the stock were exchanged, compared to its average volume of 838,114. The stock has a market cap of $41.79 billion, a PE ratio of 23.02, a price-to-earnings-growth ratio of 5.66 and a beta of 0.17. The stock’s 50-day moving average price is $243.12. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.58 and a quick ratio of 0.58. Public Storage has a fifty-two week low of $193.89 and a fifty-two week high of $251.28.
Institutional investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC increased its stake in Public Storage by 13.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 56,839 shares of the real estate investment trust’s stock worth $13,537,000 after acquiring an additional 6,834 shares during the period. Mid Atlantic Financial Management Inc. ADV increased its stake in shares of Public Storage by 28.4% in the 1st quarter. Mid Atlantic Financial Management Inc. ADV now owns 1,596 shares of the real estate investment trust’s stock valued at $347,000 after purchasing an additional 353 shares during the last quarter. AdvisorNet Financial Inc increased its stake in shares of Public Storage by 9.6% in the 2nd quarter. AdvisorNet Financial Inc now owns 1,292 shares of the real estate investment trust’s stock valued at $308,000 after purchasing an additional 113 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of Public Storage by 3.3% in the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 20,883 shares of the real estate investment trust’s stock valued at $4,548,000 after purchasing an additional 664 shares during the last quarter. Finally, Shell Asset Management Co. increased its stake in shares of Public Storage by 0.4% in the 1st quarter. Shell Asset Management Co. now owns 65,369 shares of the real estate investment trust’s stock valued at $14,236,000 after purchasing an additional 277 shares during the last quarter. Hedge funds and other institutional investors own 80.53% of the company’s stock.
About Public Storage
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 March 31, 2019, we had: (i) interests in 2,444 self-storage facilities located in 38 states with approximately 164 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 231 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 March 31, 2019.
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