Cbre Investment Management Listed Real Assets LLC Trims Position in Public Storage $PSA

by · The Markets Daily

Cbre Investment Management Listed Real Assets LLC lowered its stake in shares of Public Storage (NYSE:PSA – Free Report) by 77.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 57,051 shares of the real estate investment trust’s stock after selling 196,846 shares during the period. Cbre Investment Management Listed Real Assets LLC’s holdings in Public Storage were worth $16,479,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. National Pension Service lifted its holdings in Public Storage by 4.2% in the third quarter. National Pension Service now owns 255,300 shares of the real estate investment trust’s stock valued at $73,743,000 after acquiring an additional 10,345 shares during the period. J.W. Cole Advisors Inc. lifted its stake in shares of Public Storage by 57.5% in the third quarter. J.W. Cole Advisors Inc. now owns 4,974 shares of the real estate investment trust’s stock valued at $1,437,000 after purchasing an additional 1,816 shares during the period. Cornerstone Planning Group LLC boosted its holdings in Public Storage by 14,992.3% during the third quarter. Cornerstone Planning Group LLC now owns 11,772 shares of the real estate investment trust’s stock worth $3,400,000 after buying an additional 11,694 shares in the last quarter. Jones Financial Companies Lllp grew its position in Public Storage by 19.9% during the third quarter. Jones Financial Companies Lllp now owns 41,094 shares of the real estate investment trust’s stock worth $11,766,000 after buying an additional 6,814 shares during the period. Finally, Vanderbilt University increased its holdings in Public Storage by 103.1% in the third quarter. Vanderbilt University now owns 9,112 shares of the real estate investment trust’s stock valued at $2,632,000 after buying an additional 4,626 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on PSA. JPMorgan Chase & Co. reissued a “neutral” rating and set a $301.00 price target (down from $316.00) on shares of Public Storage in a research note on Thursday, December 18th. Morgan Stanley started coverage on Public Storage in a research report on Friday, December 5th. They issued an “equal weight” rating and a $290.00 price target for the company. Evercore set a $302.00 price objective on shares of Public Storage in a research report on Tuesday, February 17th. Wall Street Zen cut shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Saturday, January 10th. Finally, Truist Financial lifted their target price on shares of Public Storage from $315.00 to $317.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $307.13.

Check Out Our Latest Report on Public Storage

Public Storage Stock Performance

Shares of PSA stock opened at $300.14 on Thursday. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market capitalization of $52.68 billion, a price-to-earnings ratio of 33.27, a price-to-earnings-growth ratio of 6.20 and a beta of 0.99. Public Storage has a one year low of $256.54 and a one year high of $312.95. The company has a 50 day moving average price of $289.58 and a 200 day moving average price of $284.71.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders 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 4.0%. The ex-dividend date is Monday, March 16th. Public Storage’s dividend payout ratio is presently 133.04%.

Public Storage Profile

(Free Report)

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.

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