Grimes & Company Inc. Reduces Stock Holdings in Public Storage (NYSE:PSA)

Grimes & Company Inc. lowered its position in Public Storage (NYSE:PSAGet Rating) by 8.4% in the first quarter, HoldingsChannel reports. The institutional investor owned 570 shares of the real estate investment trust’s stock after selling 52 shares during the period. Grimes & Company Inc.’s holdings in Public Storage were worth $222,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. D.A. Davidson & CO. boosted its stake in shares of Public Storage by 62.7% during the fourth quarter. D.A. Davidson & CO. now owns 1,729 shares of the real estate investment trust’s stock valued at $647,000 after acquiring an additional 666 shares during the last quarter. Ieq Capital LLC boosted its stake in shares of Public Storage by 10.5% during the fourth quarter. Ieq Capital LLC now owns 2,056 shares of the real estate investment trust’s stock valued at $770,000 after acquiring an additional 196 shares during the last quarter. Centaurus Financial Inc. boosted its stake in shares of Public Storage by 244.0% during the fourth quarter. Centaurus Financial Inc. now owns 2,298 shares of the real estate investment trust’s stock valued at $861,000 after acquiring an additional 1,630 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Public Storage by 158.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,136 shares of the real estate investment trust’s stock valued at $800,000 after acquiring an additional 1,309 shares during the last quarter. Finally, AGF Investments Inc. boosted its stake in Public Storage by 197.1% in the 4th quarter. AGF Investments Inc. now owns 3,930 shares of the real estate investment trust’s stock worth $1,472,000 after buying an additional 2,607 shares during the last quarter. Hedge funds and other institutional investors own 78.54% of the company’s stock.

Public Storage Stock Performance

Shares of NYSE:PSA opened at $330.57 on Friday. The company has a market cap of $58.00 billion, a P/E ratio of 32.13, a PEG ratio of 2.99 and a beta of 0.34. The company has a debt-to-equity ratio of 1.39, a quick ratio of 2.07 and a current ratio of 2.07. Public Storage has a one year low of $292.32 and a one year high of $421.76. The business’s 50-day simple moving average is $316.58 and its 200 day simple moving average is $347.63.

Public Storage (NYSE:PSAGet Rating) last announced its earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 EPS for the quarter, missing the consensus estimate of $3.59 by ($0.96). The company had revenue of $749.27 million for the quarter, compared to analysts’ expectations of $985.58 million. Public Storage had a net margin of 54.79% and a return on equity of 38.01%. The business’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.82 earnings per share. On average, sell-side analysts forecast that Public Storage will post 15.56 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, September 14th will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 2.42%. Public Storage’s payout ratio is currently 77.75%.

Analyst Ratings Changes

PSA has been the topic of a number of research analyst reports. Raymond James decreased their price target on Public Storage from $375.00 to $365.00 in a research note on Monday, May 23rd. StockNews.com lowered Public Storage from a “buy” rating to a “hold” rating in a research note on Friday, June 10th. UBS Group decreased their price target on Public Storage from $390.00 to $336.00 and set a “neutral” rating on the stock in a research note on Monday, July 25th. Morgan Stanley decreased their price target on Public Storage from $357.00 to $298.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 25th. Finally, Stifel Nicolaus decreased their price target on Public Storage from $410.00 to $360.00 in a research note on Tuesday, June 21st. Six investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $366.08.

Public Storage Company Profile

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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 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 September 30, 2020.

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Want to see what other hedge funds are holding PSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Storage (NYSE:PSAGet Rating).

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

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