Duff & Phelps Investment Management Co. Sells 2,475 Shares of Public Storage $PSA

Duff & Phelps Investment Management Co. lowered its holdings in Public Storage (NYSE:PSA) by 0.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 508,821 shares of the real estate investment trust’s stock after selling 2,475 shares during the quarter. Public Storage comprises approximately 1.7% of Duff & Phelps Investment Management Co.’s investment portfolio, making the stock its 13th largest holding. Duff & Phelps Investment Management Co. owned about 0.29% of Public Storage worth $146,973,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Public Storage during the second quarter valued at about $1,153,971,000. Vanguard Group Inc. raised its holdings in shares of Public Storage by 10.8% in 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 acquiring an additional 2,253,225 shares during the last quarter. AQR Capital Management LLC lifted its position in Public Storage by 498.7% in the 2nd quarter. AQR Capital Management LLC now owns 578,491 shares of the real estate investment trust’s stock valued at $166,970,000 after acquiring an additional 481,872 shares in the last quarter. Centersquare Investment Management LLC lifted its position in Public Storage by 38.0% in the 3rd quarter. Centersquare Investment Management LLC now owns 1,145,607 shares of the real estate investment trust’s stock valued at $330,909,000 after acquiring an additional 315,370 shares in the last quarter. Finally, 1832 Asset Management L.P. boosted its stake in Public Storage by 375.7% during the 2nd quarter. 1832 Asset Management L.P. now owns 389,169 shares of the real estate investment trust’s stock valued at $114,190,000 after purchasing an additional 307,357 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. BNP Paribas Exane decreased their price objective on Public Storage from $329.00 to $315.00 in a report on Tuesday, December 23rd. Truist Financial raised their target price on Public Storage from $315.00 to $317.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. UBS Group decreased their price target on Public Storage from $293.00 to $276.00 and set a “neutral” rating for the company in a report on Thursday, January 8th. Evercore set a $302.00 price target on Public Storage in a research report on Tuesday, February 17th. Finally, Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $310.00 price objective on the stock. in a research note on Thursday, February 5th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, Public Storage presently has a consensus rating of “Hold” and a consensus price target of $307.13.

Public Storage Trading Down 1.9%

NYSE:PSA opened at $300.14 on Thursday. Public Storage has a 52 week low of $256.54 and a 52 week high of $312.95. The firm has a 50-day moving average price of $289.58 and a two-hundred day moving average price of $284.71. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market cap of $52.68 billion, a price-to-earnings ratio of 33.27, a price-to-earnings-growth ratio of 6.20 and a beta of 0.99.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Monday, March 16th. Public Storage’s dividend payout ratio (DPR) is 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.