Swiss Life Asset Management Ltd Grows Stock Holdings in Public Storage $PSA

Swiss Life Asset Management Ltd grew its position in shares of Public Storage (NYSE:PSA) by 16.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 34,448 shares of the real estate investment trust’s stock after purchasing an additional 4,762 shares during the period. Swiss Life Asset Management Ltd’s holdings in Public Storage were worth $9,950,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PSA. CIBC Private Wealth Group LLC increased its position in shares of Public Storage by 8.4% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 773 shares of the real estate investment trust’s stock valued at $223,000 after purchasing an additional 60 shares during the last quarter. CIBC Bancorp USA Inc. bought a new stake in Public Storage in the 3rd quarter worth approximately $18,280,000. Caerus Investment Advisors LLC purchased a new stake in Public Storage in the third quarter worth approximately $278,000. Captrust Financial Advisors boosted its stake in Public Storage by 27.1% in the third quarter. Captrust Financial Advisors now owns 15,350 shares of the real estate investment trust’s stock worth $4,434,000 after buying an additional 3,273 shares in the last quarter. Finally, Coldstream Capital Management Inc. grew its position in Public Storage by 49.0% during the third quarter. Coldstream Capital Management Inc. now owns 3,078 shares of the real estate investment trust’s stock valued at $889,000 after acquiring an additional 1,012 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on PSA. Wolfe Research downgraded shares of Public Storage from an “outperform” rating to a “peer perform” rating in a research note on Monday, January 26th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $301.00 price objective (down from $316.00) on shares of Public Storage in a research note on Thursday, December 18th. UBS Group reduced their target price on shares of Public Storage from $293.00 to $276.00 and set a “neutral” rating on the stock in a report on Thursday, January 8th. The Goldman Sachs Group reiterated a “buy” rating and issued a $330.00 target price on shares of Public Storage in a research report on Friday, February 20th. Finally, William Blair set a $305.00 price target on shares of Public Storage in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Public Storage presently has an average rating of “Hold” and an average target price of $307.00.

Public Storage Trading Down 4.1%

PSA opened at $265.99 on Friday. Public Storage has a one year low of $256.54 and a one year high of $312.95. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.75 and a quick ratio of 0.75. The business has a 50 day simple moving average of $292.15 and a two-hundred day simple moving average of $284.40. The firm has a market capitalization of $46.68 billion, a price-to-earnings ratio of 29.49, a PEG ratio of 5.60 and a beta of 0.99.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Monday, March 16th. Public Storage’s dividend payout ratio is currently 133.04%.

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.