Korea Investment CORP Has $16.19 Million Stock Position in Public Storage $PSA

Korea Investment CORP reduced its holdings in shares of Public Storage (NYSE:PSA) by 43.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 56,040 shares of the real estate investment trust’s stock after selling 43,451 shares during the quarter. Korea Investment CORP’s holdings in Public Storage were worth $16,187,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PSA. First Pacific Financial acquired a new position in Public Storage during the third quarter worth $26,000. Asset Dedication LLC increased its stake in Public Storage by 111.1% in the 2nd quarter. Asset Dedication LLC now owns 95 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 50 shares during the last quarter. Raiffeisen Bank International AG acquired a new stake in Public Storage in the 3rd quarter valued at $30,000. Tradewinds Capital Management LLC bought a new stake in Public Storage during the 3rd quarter worth about $33,000. Finally, Quent Capital LLC acquired a new position in shares of Public Storage during the 3rd quarter worth about $37,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Down 0.2%

Public Storage stock opened at $305.95 on Wednesday. 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 company’s 50-day moving average is $288.77 and its 200-day moving average is $284.60. The firm has a market capitalization of $53.70 billion, a PE ratio of 33.92, a P/E/G ratio of 6.21 and a beta of 0.99. Public Storage has a fifty-two week low of $256.54 and a fifty-two week high of $314.31.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Monday, March 16th. Public Storage’s payout ratio is 133.04%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of Public Storage in a report on Thursday, January 22nd. Mizuho dropped their target price on Public Storage from $310.00 to $285.00 and set a “neutral” rating on the stock in a report on Friday, December 5th. Deutsche Bank Aktiengesellschaft downgraded Public Storage from a “buy” rating to a “hold” rating and set a $285.00 price target for the company. in a research note on Tuesday, January 20th. Scotiabank boosted their price target on Public Storage from $300.00 to $319.00 and gave the stock a “sector outperform” rating in a research report on Monday, March 2nd. Finally, Wells Fargo & Company cut Public Storage from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $330.00 to $295.00 in a research note on Thursday, February 5th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Public Storage currently has an average rating of “Hold” and an average price target of $307.13.

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.