Public Storage (PSA) Shares Bought by Comerica Bank
Comerica Bank grew its stake in Public Storage (NYSE:PSA) by 2.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,805 shares of the real estate investment trust’s stock after buying an additional 1,274 shares during the period. Comerica Bank’s holdings in Public Storage were worth $10,397,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Bessemer Group Inc. acquired a new position in shares of Public Storage in the 2nd quarter valued at $105,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Public Storage by 15.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 566 shares of the real estate investment trust’s stock valued at $119,000 after buying an additional 75 shares in the last quarter. CENTRAL TRUST Co boosted its holdings in shares of Public Storage by 41.3% in the 2nd quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock valued at $121,000 after buying an additional 169 shares in the last quarter. IHT Wealth Management LLC boosted its holdings in shares of Public Storage by 43.0% in the 2nd quarter. IHT Wealth Management LLC now owns 582 shares of the real estate investment trust’s stock valued at $200,000 after buying an additional 175 shares in the last quarter. Finally, Johnson Financial Group Inc. boosted its holdings in shares of Public Storage by 274.4% in the 2nd quarter. Johnson Financial Group Inc. now owns 614 shares of the real estate investment trust’s stock valued at $128,000 after buying an additional 450 shares in the last quarter. Institutional investors and hedge funds own 80.18% of the company’s stock.
Public Storage (NYSE PSA) traded up $3.62 during mid-day trading on Friday, hitting $213.67. 938,500 shares of the stock traded hands, compared to its average volume of 854,313. The firm has a market cap of $36,557.31, a PE ratio of 21.20, a PEG ratio of 4.39 and a beta of 0.43. Public Storage has a one year low of $192.15 and a one year high of $232.21.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Wednesday, December 13th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Tuesday, December 12th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.74%. Public Storage’s dividend payout ratio is presently 116.79%.
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Several research analysts have recently issued reports on PSA shares. Bank of America Corporation lowered their target price on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a report on Thursday, July 20th. BidaskClub cut shares of Public Storage from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Argus decreased their price target on shares of Public Storage from $260.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, August 1st. Jefferies Group LLC set a $210.00 price target on shares of Public Storage and gave the stock a “hold” rating in a research note on Thursday, August 17th. Finally, Zacks Investment Research cut shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Tuesday, August 22nd. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $213.08.
Public Storage Company Profile
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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