Franklin Resources Inc. lessened its holdings in Public Storage (NYSE:PSA – Get Rating) by 9.9% in the second quarter, Holdings Channel reports. The firm owned 327,521 shares of the real estate investment trust’s stock after selling 35,796 shares during the period. Franklin Resources Inc.’s holdings in Public Storage were worth $102,404,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also recently bought and sold shares of PSA. Marshall & Sullivan Inc. WA bought a new position in shares of Public Storage during the 2nd quarter worth $26,000. American National Bank grew its stake in shares of Public Storage by 180.0% during the 2nd quarter. American National Bank now owns 84 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 54 shares during the period. Wellington Shields Capital Management LLC bought a new position in shares of Public Storage during the 1st quarter worth $38,000. Benjamin F. Edwards & Company Inc. grew its stake in shares of Public Storage by 586.7% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 103 shares of the real estate investment trust’s stock worth $40,000 after acquiring an additional 88 shares during the period. Finally, Tcwp LLC bought a new position in shares of Public Storage during the 1st quarter worth $47,000. Institutional investors own 78.19% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have recently weighed in on PSA shares. Morgan Stanley cut their price target on Public Storage from $298.00 to $290.00 and set an “equal weight” rating for the company in a research note on Thursday, October 13th. Citigroup restated a “buy” rating and issued a $367.00 target price on shares of Public Storage in a research note on Thursday, July 28th. Evercore ISI cut their target price on Public Storage from $333.00 to $327.00 and set an “in-line” rating for the company in a research note on Monday, September 19th. StockNews.com began coverage on Public Storage in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Raymond James downgraded Public Storage from a “strong-buy” rating to an “outperform” rating and raised their target price for the stock from $365.00 to $380.00 in a research note on Tuesday, August 16th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and an average target price of $368.91.
Public Storage Stock Performance
Public Storage Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Wednesday, December 14th will be issued a $2.00 dividend. The ex-dividend date is Tuesday, December 13th. This represents a $8.00 annualized dividend and a dividend yield of 2.69%. Public Storage’s payout ratio is currently 32.52%.
Public Storage Company Profile
Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020.
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