NewEdge Advisors LLC Decreases Position in Public Storage $PSA

NewEdge Advisors LLC decreased its holdings in Public Storage (NYSE:PSA) by 14.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,999 shares of the real estate investment trust’s stock after selling 2,453 shares during the period. NewEdge Advisors LLC’s holdings in Public Storage were worth $4,063,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of PSA. Knights of Columbus Asset Advisors LLC increased its position in shares of Public Storage by 25.3% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 18,610 shares of the real estate investment trust’s stock worth $4,829,000 after purchasing an additional 3,763 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its stake in shares of Public Storage by 3.4% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 289,675 shares of the real estate investment trust’s stock worth $75,171,000 after purchasing an additional 9,618 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Public Storage by 5.3% in the 4th quarter. Principal Financial Group Inc. now owns 246,002 shares of the real estate investment trust’s stock valued at $63,838,000 after buying an additional 12,444 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Public Storage by 5.8% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 458,815 shares of the real estate investment trust’s stock valued at $118,576,000 after buying an additional 25,353 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Public Storage by 4.5% in the fourth quarter. Legal & General Group Plc now owns 1,951,779 shares of the real estate investment trust’s stock valued at $506,487,000 after buying an additional 83,916 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Mizuho boosted their target price on shares of Public Storage from $301.00 to $316.00 and gave the stock a “neutral” rating in a report on Wednesday, May 27th. Wall Street Zen upgraded shares of Public Storage from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Evercore set a $316.00 price objective on shares of Public Storage in a research report on Monday, July 6th. UBS Group boosted their price objective on shares of Public Storage from $314.00 to $326.00 and gave the stock a “neutral” rating in a research note on Friday, July 10th. Finally, BMO Capital Markets upped their target price on shares of Public Storage from $305.00 to $340.00 and gave the company a “market perform” rating in a report on Monday, June 15th. Seven equities research 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, Public Storage has an average rating of “Hold” and a consensus price target of $326.05.

Insider Transactions at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 950 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $324.81, for a total value of $308,569.50. Following the transaction, the insider directly owned 1,414 shares of the company’s stock, valued at $459,281.34. This represents a 40.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 11.10% of the stock is owned by company insiders.

Public Storage Trading Down 0.4%

Shares of NYSE:PSA opened at $323.96 on Thursday. Public Storage has a 12-month low of $256.54 and a 12-month high of $335.55. The business has a 50 day moving average of $321.39 and a 200-day moving average of $304.09. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 2.06. The stock has a market cap of $56.89 billion, a PE ratio of 30.91, a P/E/G ratio of 3.83 and a beta of 0.96.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 6th. Investors of record on Tuesday, September 15th will be paid a $3.00 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $12.00 annualized dividend and a yield of 3.7%. Public Storage’s payout ratio is 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.