JPMorgan Chase & Co. Boosts Stock Position in Public Storage $PSA

JPMorgan Chase & Co. raised its position in Public Storage (NYSE:PSA) by 5.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,334,488 shares of the real estate investment trust’s stock after buying an additional 177,421 shares during the quarter. JPMorgan Chase & Co.’s holdings in Public Storage were worth $963,177,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of PSA. Patrick M Sweeney & Associates Inc. increased its stake in Public Storage by 3.5% in the second quarter. Patrick M Sweeney & Associates Inc. now owns 1,070 shares of the real estate investment trust’s stock valued at $317,000 after purchasing an additional 36 shares during the period. CoreCap Advisors LLC grew its holdings in shares of Public Storage by 7.0% during the third quarter. CoreCap Advisors LLC now owns 568 shares of the real estate investment trust’s stock worth $164,000 after buying an additional 37 shares during the last quarter. Evermay Wealth Management LLC increased its position in Public Storage by 13.3% in the 2nd quarter. Evermay Wealth Management LLC now owns 324 shares of the real estate investment trust’s stock valued at $95,000 after acquiring an additional 38 shares during the period. KCM Investment Advisors LLC raised its stake in Public Storage by 2.9% during the 2nd quarter. KCM Investment Advisors LLC now owns 1,349 shares of the real estate investment trust’s stock valued at $396,000 after acquiring an additional 38 shares during the last quarter. Finally, Cape ANN Savings Bank lifted its position in Public Storage by 1.4% during the 3rd quarter. Cape ANN Savings Bank now owns 2,793 shares of the real estate investment trust’s stock worth $807,000 after acquiring an additional 38 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Performance

Shares of NYSE PSA opened at $301.99 on Wednesday. The stock has a fifty day moving average price of $276.64 and a two-hundred day moving average price of $282.31. The firm has a market cap of $52.99 billion, a P/E ratio of 33.48, a PEG ratio of 10.24 and a beta of 1.01. Public Storage has a 1 year low of $256.54 and a 1 year high of $322.49. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.75 and a current ratio of 0.75.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be issued a dividend of $3.00 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.0%. Public Storage’s dividend payout ratio is currently 133.04%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Evercore set a $302.00 price objective on Public Storage in a report on Tuesday. Deutsche Bank Aktiengesellschaft lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $285.00 price objective for the company. in a research report on Tuesday, January 20th. The Goldman Sachs Group reduced their target price on Public Storage from $332.00 to $321.00 and set a “buy” rating on the stock in a research report on Thursday, January 15th. BNP Paribas Exane reduced their price objective on Public Storage from $329.00 to $315.00 in a research note on Tuesday, December 23rd. Finally, JPMorgan Chase & Co. restated a “neutral” rating and issued a $301.00 price target (down previously from $316.00) on shares of Public Storage in a report on Thursday, December 18th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $306.44.

Public Storage Company 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.