Goldman Sachs Group initiated coverage on shares of Public Storage (NYSE:PSA) in a research report released on Friday morning, Briefing.com Automated Import reports. The brokerage issued a neutral rating and a $213.00 price objective on the real estate investment trust’s stock.
A number of other research firms have also issued reports on PSA. Morgan Stanley lowered Public Storage from an equal weight rating to an underweight rating and set a $159.00 price target on the stock. in a research report on Tuesday, April 28th. Argus cut shares of Public Storage from a buy rating to a hold rating in a report on Friday, June 19th. Bank of America upgraded shares of Public Storage from a neutral rating to a buy rating and boosted their price target for the stock from $254.00 to $267.00 in a report on Tuesday, March 24th. BMO Capital Markets reduced their price objective on shares of Public Storage from $205.00 to $175.00 and set an underperform rating on the stock in a report on Friday, May 1st. Finally, SunTrust Banks lowered their target price on shares of Public Storage from $205.00 to $195.00 and set a hold rating for the company in a research note on Monday, May 11th. Six investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $220.14.
Public Storage stock opened at $191.10 on Friday. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.49. Public Storage has a 52-week low of $155.37 and a 52-week high of $266.76. The firm has a market cap of $33.08 billion, a PE ratio of 26.00, a price-to-earnings-growth ratio of 4.96 and a beta of 0.13. The company’s 50 day moving average is $192.93 and its two-hundred day moving average is $204.75.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 4.19%. The ex-dividend date of this dividend is Friday, June 12th. Public Storage’s payout ratio is 74.42%.
In related news, insider Nathaniel A. Vitan sold 269 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $200.18, for a total value of $53,848.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 13.78% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Public Storage by 0.5% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,674 shares of the real estate investment trust’s stock worth $2,060,000 after purchasing an additional 52 shares during the last quarter. Mid Atlantic Financial Management Inc. ADV grew its holdings in shares of Public Storage by 3.7% during the fourth quarter. Mid Atlantic Financial Management Inc. ADV now owns 1,638 shares of the real estate investment trust’s stock worth $349,000 after buying an additional 58 shares during the last quarter. TFG Advisers LLC increased its position in Public Storage by 3.3% in the 1st quarter. TFG Advisers LLC now owns 1,929 shares of the real estate investment trust’s stock valued at $383,000 after acquiring an additional 62 shares during the period. First Horizon Advisors Inc. raised its stake in Public Storage by 23.4% during the 1st quarter. First Horizon Advisors Inc. now owns 348 shares of the real estate investment trust’s stock valued at $69,000 after acquiring an additional 66 shares during the last quarter. Finally, Gateway Investment Advisers LLC lifted its position in Public Storage by 5.8% during the 1st quarter. Gateway Investment Advisers LLC now owns 1,231 shares of the real estate investment trust’s stock worth $244,000 after acquiring an additional 68 shares during the period. 79.66% of the stock is currently owned by institutional investors and hedge funds.
About Public Storage
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 March 31, 2019, we had: (i) interests in 2,444 self-storage facilities located in 38 states with approximately 164 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 231 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard 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 March 31, 2019.
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