Resona Asset Management Co. Ltd. Cuts Stake in Public Storage $PSA

Resona Asset Management Co. Ltd. cut its holdings in shares of Public Storage (NYSE:PSA) by 1.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 92,902 shares of the real estate investment trust’s stock after selling 1,645 shares during the period. Resona Asset Management Co. Ltd. owned 0.05% of Public Storage worth $30,025,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Knights of Columbus Asset Advisors LLC grew its stake in shares of Public Storage by 25.3% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 18,610 shares of the real estate investment trust’s stock worth $4,829,000 after acquiring an additional 3,763 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in shares of Public Storage by 3.4% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 289,675 shares of the real estate investment trust’s stock valued at $75,171,000 after acquiring an additional 9,618 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Public Storage by 5.3% in the 4th quarter. Principal Financial Group Inc. now owns 246,002 shares of the real estate investment trust’s stock valued at $63,838,000 after purchasing an additional 12,444 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Public Storage by 5.8% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 458,815 shares of the real estate investment trust’s stock valued at $118,576,000 after purchasing an additional 25,353 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in Public Storage by 4.5% in the 4th quarter. Legal & General Group Plc now owns 1,951,779 shares of the real estate investment trust’s stock worth $506,487,000 after purchasing an additional 83,916 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PSA. Citigroup boosted their price objective on shares of Public Storage from $325.00 to $363.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. Royal Bank Of Canada lifted their price target on Public Storage from $305.00 to $318.00 and gave the stock a “sector perform” rating in a research report on Friday, July 31st. The Goldman Sachs Group reiterated a “buy” rating and set a $341.00 price target on shares of Public Storage in a research note on Wednesday, April 29th. Raymond James Financial started coverage on Public Storage in a report on Thursday, July 16th. They issued a “market perform” rating on the stock. Finally, Evercore set a $316.00 price objective on Public Storage in a research note on Monday, July 6th. Seven research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to MarketBeat, Public Storage presently has an average rating of “Hold” and an average target price of $326.05.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 950 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $324.81, for a total value of $308,569.50. Following the completion of the sale, the insider directly owned 1,414 shares in the company, valued at $459,281.34. This represents a 40.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 11.10% of the company’s stock.

Public Storage Stock Up 1.6%

Shares of PSA opened at $328.82 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 2.06. Public Storage has a 12 month low of $256.54 and a 12 month high of $335.55. The stock’s 50 day moving average is $321.83 and its two-hundred day moving average is $304.42. The firm has a market cap of $57.75 billion, a P/E ratio of 31.38, a PEG ratio of 3.81 and a beta of 0.96.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 6th. Investors of record on Tuesday, September 15th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Public Storage’s dividend payout ratio is currently 114.50%.

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.