Traders Buy Public Storage (PSA) on Weakness
Traders purchased shares of Public Storage (NYSE:PSA) on weakness during trading on Monday. $66.45 million flowed into the stock on the tick-up and $39.85 million flowed out of the stock on the tick-down, for a money net flow of $26.60 million into the stock. Of all companies tracked, Public Storage had the 27th highest net in-flow for the day. Public Storage traded down ($0.55) for the day and closed at $199.41
Several research firms have weighed in on PSA. Cantor Fitzgerald set a $213.00 target price on Public Storage and gave the company a “hold” rating in a research note on Monday. Jefferies Group set a $199.00 target price on Public Storage and gave the company a “hold” rating in a research note on Monday, March 5th. Citigroup cut their target price on Public Storage from $220.00 to $200.00 and set a “neutral” rating on the stock in a research note on Thursday, March 1st. Bank of America raised Public Storage from an “underperform” rating to a “neutral” rating and set a $212.00 target price on the stock in a research note on Tuesday, February 27th. Finally, B. Riley set a $190.00 target price on Public Storage and gave the company a “neutral” rating in a research note on Wednesday, February 21st. Seven research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $204.43.
The stock has a market cap of $34,740.21, a price-to-earnings ratio of 19.92, a PEG ratio of 3.94 and a beta of 0.31.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, March 14th will be issued a $2.00 dividend. The ex-dividend date is Tuesday, March 13th. This represents a $8.00 annualized dividend and a dividend yield of 4.05%. Public Storage’s dividend payout ratio (DPR) is currently 118.69%.
In other Public Storage news, Director Gary E. Pruitt sold 5,000 shares of the stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $212.09, for a total value of $1,060,450.00. Following the completion of the sale, the director now directly owns 8,350 shares in the company, valued at $1,770,951.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 14.42% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its holdings in shares of Public Storage by 41.3% during the third quarter. JPMorgan Chase & Co. now owns 4,466,228 shares of the real estate investment trust’s stock worth $950,191,000 after buying an additional 1,304,669 shares in the last quarter. Security Capital Research & Management Inc. grew its holdings in shares of Public Storage by 54.8% during the fourth quarter. Security Capital Research & Management Inc. now owns 1,534,114 shares of the real estate investment trust’s stock worth $320,630,000 after buying an additional 542,803 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Public Storage by 151.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 699,299 shares of the real estate investment trust’s stock worth $146,153,000 after buying an additional 421,457 shares in the last quarter. Lasalle Investment Management Securities LLC grew its holdings in shares of Public Storage by 32.2% during the fourth quarter. Lasalle Investment Management Securities LLC now owns 1,677,943 shares of the real estate investment trust’s stock worth $350,690,000 after buying an additional 408,263 shares in the last quarter. Finally, BlackRock Inc. grew its holdings in shares of Public Storage by 2.1% during the fourth quarter. BlackRock Inc. now owns 15,205,032 shares of the real estate investment trust’s stock worth $3,177,851,000 after buying an additional 312,682 shares in the last quarter. Institutional investors own 81.75% of the company’s stock.
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About Public Storage
Public Storage is a real estate investment trust (REIT). The Company’s principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space.
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