Public Storage (PSA) Shares Bought by Public Employees Retirement System of Ohio
Public Employees Retirement System of Ohio grew its holdings in shares of Public Storage (NYSE:PSA) by 1.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 270,815 shares of the real estate investment trust’s stock after purchasing an additional 4,585 shares during the period. Public Employees Retirement System of Ohio owned approximately 0.16% of Public Storage worth $57,952,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of PSA. Bessemer Group Inc. acquired a new position in shares of Public Storage during the second quarter valued at $105,000. Global X Management Co. LLC increased its holdings in shares of Public Storage by 10.2% during the second quarter. Global X Management Co. LLC now owns 1,143 shares of the real estate investment trust’s stock valued at $238,000 after purchasing an additional 106 shares during the period. SG Americas Securities LLC increased its holdings in shares of Public Storage by 82.3% during the second quarter. SG Americas Securities LLC now owns 46,847 shares of the real estate investment trust’s stock valued at $9,769,000 after purchasing an additional 21,154 shares during the period. Legal & General Group Plc increased its holdings in shares of Public Storage by 6.1% during the second quarter. Legal & General Group Plc now owns 1,082,417 shares of the real estate investment trust’s stock valued at $225,721,000 after purchasing an additional 62,327 shares during the period. Finally, Comerica Bank increased its holdings in shares of Public Storage by 2.1% during the second quarter. Comerica Bank now owns 48,531 shares of the real estate investment trust’s stock valued at $10,143,000 after purchasing an additional 1,002 shares during the period. 80.91% of the stock is currently owned by institutional investors.
Shares of Public Storage (PSA) traded down $1.54 during mid-day trading on Friday, reaching $211.02. The company had a trading volume of 525,800 shares, compared to its average volume of 848,313. Public Storage has a fifty-two week low of $192.15 and a fifty-two week high of $232.21. The company has a market capitalization of $36,994.16, a PE ratio of 21.45, a P/E/G ratio of 4.56 and a beta of 0.43.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Wednesday, December 13th will be paid a dividend of $2.00 per share. The ex-dividend date is Tuesday, December 12th. This represents a $8.00 annualized dividend and a yield of 3.79%. Public Storage’s dividend payout ratio is currently 116.79%.
In related news, Director Gary E. Pruitt sold 5,000 shares of the stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $212.09, for a total value of $1,060,450.00. Following the completion of the transaction, the director now owns 8,350 shares in the company, valued at approximately $1,770,951.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Reyes sold 60,000 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $212.24, for a total value of $12,734,400.00. The disclosure for this sale can be found here. Company insiders own 14.42% of the company’s stock.
A number of brokerages have recently commented on PSA. B. Riley reissued a “neutral” rating on shares of Public Storage in a report on Wednesday, November 1st. Jefferies Group set a $210.00 target price on Public Storage and gave the company a “hold” rating in a research note on Thursday, August 17th. Zacks Investment Research cut Public Storage from a “hold” rating to a “sell” rating in a research note on Tuesday, August 22nd. Morgan Stanley cut Public Storage from an “equal weight” rating to an “underweight” rating and set a $199.00 target price for the company. in a research note on Wednesday. Finally, Bank of America cut Public Storage from a “neutral” rating to an “underperform” rating and set a $212.00 target price for the company. in a research note on Monday, December 4th. They noted that the move was a valuation call. Seven analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $209.38.
Public Storage Company Profile
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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