Van ECK Associates Corp Buys 7,550 Shares of Public Storage $PSA

Van ECK Associates Corp boosted its stake in Public Storage (NYSE:PSA) by 7.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 111,274 shares of the real estate investment trust’s stock after acquiring an additional 7,550 shares during the quarter. Van ECK Associates Corp owned 0.06% of Public Storage worth $32,141,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PSA. Vanguard Group Inc. increased its position in shares of Public Storage by 10.8% during the 3rd quarter. Vanguard Group Inc. now owns 23,068,701 shares of the real estate investment trust’s stock worth $6,663,394,000 after purchasing an additional 2,253,225 shares during the last quarter. State Street Corp raised its position in Public Storage by 1.2% during the second quarter. State Street Corp now owns 10,613,807 shares of the real estate investment trust’s stock valued at $3,114,303,000 after purchasing an additional 126,113 shares in the last quarter. Norges Bank acquired a new position in shares of Public Storage during the second quarter worth $1,153,971,000. JPMorgan Chase & Co. boosted its stake in shares of Public Storage by 5.6% during the third quarter. JPMorgan Chase & Co. now owns 3,334,488 shares of the real estate investment trust’s stock valued at $963,177,000 after purchasing an additional 177,421 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Public Storage by 3.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 2,924,395 shares of the real estate investment trust’s stock worth $857,674,000 after purchasing an additional 87,918 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Public Storage Trading Down 1.9%

NYSE:PSA opened at $300.14 on Thursday. Public Storage has a one year low of $256.54 and a one year high of $312.95. 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 firm has a market capitalization of $52.68 billion, a price-to-earnings ratio of 33.27, a price-to-earnings-growth ratio of 6.20 and a beta of 0.99. The business has a fifty day moving average price of $289.58 and a 200-day moving average price of $284.71.

Public Storage Dividend Announcement

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 given a dividend of $3.00 per share. The ex-dividend date is Monday, March 16th. This represents a $12.00 annualized dividend and a dividend yield of 4.0%. Public Storage’s dividend payout ratio (DPR) is presently 133.04%.

Analyst Upgrades and Downgrades

PSA has been the subject of several research reports. Weiss Ratings restated a “hold (c)” rating on shares of Public Storage in a research note on Thursday, January 22nd. Mizuho cut their price target on shares of Public Storage from $310.00 to $285.00 and set a “neutral” rating for the company in a report on Friday, December 5th. BNP Paribas Exane cut their price target on shares of Public Storage from $329.00 to $315.00 in a research note on Tuesday, December 23rd. The Goldman Sachs Group restated a “buy” rating and set a $330.00 price target on shares of Public Storage in a research report on Friday, February 20th. Finally, Barclays raised their target price on shares of Public Storage from $331.00 to $347.00 and gave the stock an “overweight” rating in a research report on Thursday, March 5th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $307.13.

Public Storage 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.