Public Storage $PSA Shares Sold by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. reduced its stake in Public Storage (NYSE:PSA) by 1.7% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 92,902 shares of the real estate investment trust’s stock after selling 1,645 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Public Storage were worth $30,025,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Empowered Funds LLC boosted its position in shares of Public Storage by 13.3% during the 1st quarter. Empowered Funds LLC now owns 3,186 shares of the real estate investment trust’s stock valued at $954,000 after acquiring an additional 373 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Public Storage during the second quarter worth about $929,000. Nebula Research & Development LLC acquired a new stake in Public Storage during the second quarter worth about $1,113,000. Treasurer of the State of North Carolina raised its stake in Public Storage by 1.9% during the second quarter. Treasurer of the State of North Carolina now owns 73,774 shares of the real estate investment trust’s stock worth $21,647,000 after purchasing an additional 1,390 shares during the period. Finally, Ieq Capital LLC raised its stake in Public Storage by 219.8% during the second quarter. Ieq Capital LLC now owns 48,190 shares of the real estate investment trust’s stock worth $14,140,000 after purchasing an additional 33,122 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Public Storage

In related news, insider Nathaniel A. Vitan sold 950 shares of Public Storage stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $324.81, for a total value of $308,569.50. Following the completion of the sale, the insider owned 1,414 shares in the company, valued at approximately $459,281.34. This trade represents a 40.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 11.10% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Royal Bank Of Canada increased their price target on shares of Public Storage from $305.00 to $318.00 and gave the company a “sector perform” rating in a research note on Friday, July 31st. Scotiabank lifted their price target on shares of Public Storage from $342.00 to $345.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. Evercore set a $316.00 price objective on Public Storage in a report on Monday, July 6th. Citigroup increased their price objective on Public Storage from $325.00 to $363.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. Finally, Weiss Ratings raised Public Storage from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, June 12th. Seven investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Public Storage has an average rating of “Hold” and an average target price of $326.05.

Public Storage Trading Up 1.6%

Shares of PSA stock opened at $328.82 on Friday. Public Storage has a 1-year low of $256.54 and a 1-year high of $335.55. The firm has a market cap of $57.75 billion, a PE ratio of 31.38, a price-to-earnings-growth ratio of 3.81 and a beta of 0.96. The company has a 50-day moving average of $321.83 and a two-hundred day moving average of $304.42. The company has a debt-to-equity ratio of 2.06, a current ratio of 0.66 and a quick ratio of 0.66.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 6th. Investors of record on Tuesday, September 15th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.6%. Public Storage’s dividend payout ratio (DPR) is presently 114.50%.

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.