Ontario Teachers Pension Plan Board Sells 13,348 Shares of Public Storage $PSA

Ontario Teachers Pension Plan Board trimmed its position in Public Storage (NYSE:PSA) by 63.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,726 shares of the real estate investment trust’s stock after selling 13,348 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Public Storage were worth $2,232,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake 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 acquiring an additional 2,253,225 shares in the last quarter. State Street Corp grew its position in Public Storage by 1.2% in 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 stake in Public Storage in the 2nd quarter valued at $1,153,971,000. JPMorgan Chase & Co. increased its stake in Public Storage by 5.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,334,488 shares of the real estate investment trust’s stock valued at $963,177,000 after buying an additional 177,421 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Public Storage by 3.1% during the 2nd 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 buying an additional 87,918 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Mizuho reduced their price target on Public Storage from $310.00 to $285.00 and set a “neutral” rating for the company in a research report on Friday, December 5th. Raymond James Financial lowered their price objective on shares of Public Storage from $350.00 to $330.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, November 18th. BMO Capital Markets reduced their target price on shares of Public Storage from $320.00 to $305.00 and set a “market perform” rating for the company in a report on Monday, December 22nd. Wall Street Zen downgraded shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Saturday, January 10th. Finally, Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $310.00 target price for the company. in a research report on Thursday, February 5th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $306.44.

Public Storage Trading Down 1.1%

Shares of PSA stock opened at $298.57 on Thursday. The stock has a 50 day simple moving average of $277.27 and a two-hundred day simple moving average of $282.43. Public Storage has a fifty-two week low of $256.54 and a fifty-two week high of $322.49. The company has a market cap of $52.39 billion, a P/E ratio of 33.10, a PEG ratio of 10.29 and a beta of 1.01. 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 Dividend Announcement

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

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.