Crestline Management LP boosted its position in Public Storage (NYSE:PSA) by 49.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,754 shares of the real estate investment trust’s stock after acquiring an additional 5,901 shares during the quarter. Public Storage accounts for about 0.5% of Crestline Management LP’s holdings, making the stock its 24th biggest holding. Crestline Management LP’s holdings in Public Storage were worth $3,594,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of the stock. Sage Capital Advisors llc purchased a new position in Public Storage in the fourth quarter valued at approximately $29,000. Oregon Public Employees Retirement Fund increased its stake in Public Storage by 18,823.9% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,180,090 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 7,142,148 shares during the last quarter. CNB Bank purchased a new position in Public Storage in the fourth quarter valued at approximately $42,000. JOYN Advisors Inc. increased its stake in Public Storage by 38.9% in the fourth quarter. JOYN Advisors Inc. now owns 243 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 68 shares during the last quarter. Finally, Berman Capital Advisors LLC purchased a new position in Public Storage in the fourth quarter valued at approximately $51,000. 80.16% of the stock is currently owned by hedge funds and other institutional investors.
Shares of PSA opened at $217.62 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $38.09 billion, a PE ratio of 20.63, a price-to-earnings-growth ratio of 4.38 and a beta of 0.26. Public Storage has a 12-month low of $192.02 and a 12-month high of $234.90.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th will be given a dividend of $2.00 per share. The ex-dividend date is Tuesday, March 12th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.68%.
Several equities analysts have commented on PSA shares. Zacks Investment Research upgraded shares of Public Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, November 20th. Barclays reiterated a “hold” rating and issued a $215.00 price target on shares of Public Storage in a research note on Thursday, March 7th. Bank of America set a $230.00 price target on shares of Public Storage and gave the company a “hold” rating in a research note on Friday, March 1st. Finally, Jefferies Financial Group lowered shares of Public Storage from a “hold” rating to an “underperform” rating and dropped their price target for the company from $202.00 to $175.00 in a research note on Thursday, December 13th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. Public Storage has an average rating of “Hold” and a consensus target price of $209.50.
Public Storage 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. The Company's headquarters are located in Glendale, California. At December 31, 2018, we had interests in 2,429 self-storage facilities located in 38 states with approximately 162 million net rentable square feet in the United States and we owned a 35.2% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR), which owned 232 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand.
Further Reading: Quiet Period
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