Forsta AP Fonden Grows Position in Public Storage (PSA)
Forsta AP Fonden boosted its position in shares of Public Storage (NYSE:PSA) by 32.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 60,800 shares of the real estate investment trust’s stock after purchasing an additional 14,800 shares during the period. Forsta AP Fonden’s holdings in Public Storage were worth $13,011,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PSA. Capital World Investors boosted its position in Public Storage by 93.3% during the second quarter. Capital World Investors now owns 4,036,000 shares of the real estate investment trust’s stock valued at $841,627,000 after purchasing an additional 1,948,000 shares during the last quarter. Vanguard Group Inc. boosted its position in Public Storage by 3.4% during the second quarter. Vanguard Group Inc. now owns 22,057,097 shares of the real estate investment trust’s stock valued at $4,599,567,000 after purchasing an additional 727,573 shares during the last quarter. Epoch Investment Partners Inc. boosted its position in Public Storage by 3,791.5% during the second quarter. Epoch Investment Partners Inc. now owns 641,789 shares of the real estate investment trust’s stock valued at $133,832,000 after purchasing an additional 625,297 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Public Storage by 20.5% during the second quarter. JPMorgan Chase & Co. now owns 3,161,559 shares of the real estate investment trust’s stock valued at $659,280,000 after buying an additional 537,289 shares in the last quarter. Finally, Koch Industries Inc. raised its holdings in Public Storage by 49,832.6% during the second quarter. Koch Industries Inc. now owns 525,291 shares of the real estate investment trust’s stock valued at $523,000 after buying an additional 524,239 shares in the last quarter. 80.38% of the stock is owned by hedge funds and other institutional investors.
Public Storage (NYSE:PSA) traded up $0.64 during trading on Friday, hitting $208.97. The stock had a trading volume of 749,350 shares, compared to its average volume of 904,814. The company has a market capitalization of $36,361.20, a price-to-earnings ratio of 21.09, a PEG ratio of 4.35 and a beta of 0.43. Public Storage has a twelve month low of $192.15 and a twelve month high of $232.21.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Wednesday, December 13th will be paid a $2.00 dividend. The ex-dividend date is Tuesday, December 12th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.83%. Public Storage’s payout ratio is presently 116.79%.
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Several equities analysts have weighed in on PSA shares. BMO Capital Markets started coverage on Public Storage in a report on Monday, September 11th. They set an “underperform” rating and a $193.00 target price on the stock. FBR & Co set a $220.00 target price on Public Storage and gave the company a “hold” rating in a report on Thursday, October 26th. SunTrust Banks, Inc. restated a “hold” rating and set a $200.00 target price on shares of Public Storage in a report on Friday, October 27th. Evercore ISI restated an “underperform” rating and set a $204.00 target price (up from $197.00) on shares of Public Storage in a report on Thursday, September 14th. Finally, Zacks Investment Research lowered Public Storage from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. Public Storage has an average rating of “Hold” and an average price target of $212.45.
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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