Public Storage (PSA) Position Boosted by First Manhattan Co.
First Manhattan Co. boosted its holdings in shares of Public Storage (NYSE:PSA) by 32.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,200 shares of the real estate investment trust’s stock after acquiring an additional 4,250 shares during the quarter. First Manhattan Co.’s holdings in Public Storage were worth $3,680,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in PSA. OppenheimerFunds Inc. boosted its position in Public Storage by 9.0% during the 1st quarter. OppenheimerFunds Inc. now owns 1,474 shares of the real estate investment trust’s stock worth $323,000 after acquiring an additional 122 shares during the period. Gotham Asset Management LLC boosted its position in Public Storage by 241.9% during the 1st quarter. Gotham Asset Management LLC now owns 3,795 shares of the real estate investment trust’s stock worth $831,000 after acquiring an additional 2,685 shares during the period. Tudor Investment Corp ET AL acquired a new stake in Public Storage during the 1st quarter worth about $500,000. Piedmont Investment Advisors LLC boosted its position in Public Storage by 21.5% during the 1st quarter. Piedmont Investment Advisors LLC now owns 38,228 shares of the real estate investment trust’s stock worth $8,368,000 after acquiring an additional 6,769 shares during the period. Finally, PHH Investments Ltd. acquired a new stake in Public Storage during the 1st quarter worth about $1,182,000. Hedge funds and other institutional investors own 80.38% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Wednesday, December 13th will be given a dividend of $2.00 per share. The ex-dividend date is Tuesday, December 12th. This represents a $8.00 annualized dividend and a yield of 3.86%. Public Storage’s dividend payout ratio (DPR) is presently 116.79%.
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A number of brokerages have commented on PSA. Jefferies Group LLC set a $210.00 price objective on Public Storage and gave the stock a “hold” rating in a research report on Thursday, August 17th. FBR & Co set a $220.00 price objective on Public Storage and gave the stock a “hold” rating in a research report on Thursday, October 26th. Zacks Investment Research lowered Public Storage from a “hold” rating to a “sell” rating in a research report on Tuesday, August 22nd. BMO Capital Markets set a $193.00 price objective on Public Storage and gave the stock a “sell” rating in a research report on Thursday, October 26th. Finally, SunTrust Banks, Inc. restated a “hold” rating and set a $200.00 price objective on shares of Public Storage in a research report on Friday, October 27th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. Public Storage presently has an average rating of “Hold” and an average price target of $212.45.
About Public Storage
Public Storage is a real estate investment trust (REIT). The Company’s principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space.
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