Public Storage (NYSE:PSA) Shares Sold by Guggenheim Capital LLC
Guggenheim Capital LLC lessened its holdings in shares of Public Storage (NYSE:PSA) by 3.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 58,132 shares of the real estate investment trust’s stock after selling 2,042 shares during the period. Guggenheim Capital LLC’s holdings in Public Storage were worth $11,545,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Optimal Asset Management Inc. raised its position in shares of Public Storage by 159.0% during the 1st quarter. Optimal Asset Management Inc. now owns 44,030 shares of the real estate investment trust’s stock worth $8,745,000 after acquiring an additional 27,032 shares in the last quarter. National Pension Service raised its position in shares of Public Storage by 1.7% during the 1st quarter. National Pension Service now owns 201,125 shares of the real estate investment trust’s stock worth $39,945,000 after acquiring an additional 3,337 shares in the last quarter. Morgan Stanley raised its position in shares of Public Storage by 14.5% during the 1st quarter. Morgan Stanley now owns 988,969 shares of the real estate investment trust’s stock worth $196,419,000 after acquiring an additional 125,120 shares in the last quarter. 1832 Asset Management L.P. acquired a new stake in shares of Public Storage during the 1st quarter worth about $3,208,000. Finally, The Manufacturers Life Insurance Company raised its position in shares of Public Storage by 14.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 162,120 shares of the real estate investment trust’s stock worth $32,199,000 after acquiring an additional 20,742 shares in the last quarter. 79.66% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:PSA remained flat at $$191.03 during trading on Friday. The stock had a trading volume of 210,695 shares, compared to its average volume of 1,133,169. The company has a market cap of $33.39 billion, a price-to-earnings ratio of 25.99, a price-to-earnings-growth ratio of 4.97 and a beta of 0.13. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.01 and a quick ratio of 2.01. The firm’s fifty day moving average price is $192.59 and its two-hundred day moving average price is $205.23. Public Storage has a 1-year low of $155.37 and a 1-year high of $266.76.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $2.00 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 4.19%. Public Storage’s dividend payout ratio (DPR) is presently 74.42%.
In related news, insider Nathaniel A. Vitan sold 269 shares of Public Storage stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $200.18, for a total value of $53,848.42. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 13.78% of the stock is owned by insiders.
PSA has been the topic of several research analyst reports. Wells Fargo & Co cut their price target on Public Storage from $201.00 to $200.00 and set an “underweight” rating on the stock in a research report on Friday, June 19th. 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. Stifel Nicolaus lifted their price target on Public Storage from $183.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. BMO Capital Markets cut their price target on Public Storage from $205.00 to $175.00 and set an “underperform” rating on the stock in a research report on Friday, May 1st. Finally, Goldman Sachs Group initiated coverage on Public Storage in a research report on Friday. They set a “neutral” rating and a $213.00 price target on the stock. Six investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $220.14.
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. 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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