Rockefeller Capital Management L.P. Acquires 2,466 Shares of Public Storage (NYSE:PSA)

Rockefeller Capital Management L.P. grew its holdings in Public Storage (NYSE:PSA) by 23.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 12,935 shares of the real estate investment trust’s stock after buying an additional 2,466 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Public Storage were worth $3,191,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Westside Investment Management Inc. bought a new stake in shares of Public Storage in the first quarter valued at approximately $12,831,000. Ellevest Inc. raised its position in shares of Public Storage by 80.0% in the fourth quarter. Ellevest Inc. now owns 108 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 48 shares during the period. IronBridge Private Wealth LLC bought a new stake in shares of Public Storage in the fourth quarter valued at approximately $27,000. Arkadios Wealth Advisors raised its position in shares of Public Storage by 373.1% in the first quarter. Arkadios Wealth Advisors now owns 123 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 97 shares during the period. Finally, Glassman Wealth Services raised its position in shares of Public Storage by 62.5% in the first quarter. Glassman Wealth Services now owns 169 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 65 shares during the period. 77.82% of the stock is currently owned by institutional investors.

PSA has been the subject of several recent analyst reports. Truist Securities boosted their price objective on shares of Public Storage from $269.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, May 17th. BMO Capital Markets boosted their price objective on shares of Public Storage from $285.00 to $300.00 and gave the company a “market perform” rating in a research note on Monday, May 3rd. Wells Fargo & Company boosted their price objective on shares of Public Storage from $200.00 to $228.00 and gave the company an “underweight” rating in a research note on Wednesday, June 2nd. Truist boosted their price objective on shares of Public Storage from $269.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, May 17th. They noted that the move was a valuation call. Finally, Morgan Stanley boosted their price objective on shares of Public Storage from $231.00 to $266.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $258.14.

PSA stock opened at $295.47 on Friday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.62. Public Storage has a one year low of $183.22 and a one year high of $295.92. The stock has a market cap of $51.70 billion, a PE ratio of 44.10, a PEG ratio of 4.01 and a beta of 0.08. The business has a 50 day moving average of $275.10.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, April 28th. The real estate investment trust reported $2.21 EPS for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.49). Public Storage had a return on equity of 27.74% and a net margin of 43.22%. The company had revenue of $647.80 million during the quarter, compared to analysts’ expectations of $753.27 million. During the same period in the prior year, the firm earned $2.58 EPS. Public Storage’s quarterly revenue was up 3.4% on a year-over-year basis. On average, sell-side analysts forecast that Public Storage will post 11.63 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 30th. Stockholders of record on Tuesday, June 15th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Monday, June 14th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.71%. Public Storage’s payout ratio is 75.40%.

In other news, VP Nathaniel A. Vitan sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 8th. The shares were sold at an average price of $293.10, for a total value of $1,172,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 10.87% of the company’s stock.

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 ÂShurgard 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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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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