Morgan Stanley downgraded shares of Public Storage (NYSE:PSA) from an equal weight rating to an underweight rating in a research report released on Wednesday morning, MarketBeat reports. The firm currently has $199.00 price objective on the real estate investment trust’s stock.
Several other analysts also recently issued reports on PSA. B. Riley restated a neutral rating on shares of Public Storage in a research report on Wednesday, November 1st. Jefferies Group set a $210.00 price objective on Public Storage and gave the company a hold rating in a research report on Thursday, August 17th. Zacks Investment Research downgraded Public Storage from a hold rating to a sell rating in a research report on Tuesday, August 22nd. Bank of America downgraded Public Storage from a neutral rating to an underperform rating and set a $212.00 price objective on the stock. in a research report on Monday, December 4th. They noted that the move was a valuation call. Finally, FBR & Co set a $220.00 price objective on Public Storage and gave the company a hold rating in a research report on Thursday, October 26th. Seven research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $209.38.
Shares of Public Storage (NYSE PSA) opened at $211.56 on Wednesday. Public Storage has a 12-month low of $192.15 and a 12-month high of $232.21. The stock has a market capitalization of $36,910.00, a price-to-earnings ratio of 21.29, a PEG ratio of 4.52 and a beta of 0.43.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Wednesday, December 13th will be paid a $2.00 dividend. The ex-dividend date of this dividend is Tuesday, December 12th. This represents a $8.00 annualized dividend and a yield of 3.78%. Public Storage’s payout ratio is currently 116.96%.
In related news, Director Gary E. Pruitt sold 5,000 shares of the company’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $212.09, for a total value of $1,060,450.00. Following the completion of the transaction, the director now directly owns 8,350 shares in the company, valued at $1,770,951.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Reyes sold 60,000 shares of the company’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $212.24, for a total value of $12,734,400.00. The disclosure for this sale can be found here. Corporate insiders own 14.42% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Public Storage by 3.4% in the second quarter. Vanguard Group Inc. now owns 22,057,097 shares of the real estate investment trust’s stock valued at $4,599,567,000 after purchasing an additional 727,573 shares during the last quarter. BlackRock Inc. increased its stake in Public Storage by 3.5% during the second quarter. BlackRock Inc. now owns 14,657,306 shares of the real estate investment trust’s stock worth $3,056,489,000 after acquiring an additional 489,998 shares during the last quarter. APG Asset Management US Inc. increased its stake in Public Storage by 8.3% during the third quarter. APG Asset Management US Inc. now owns 4,563,523 shares of the real estate investment trust’s stock worth $976,548,000 after acquiring an additional 350,712 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Public Storage by 41.3% during the third quarter. JPMorgan Chase & Co. now owns 4,466,228 shares of the real estate investment trust’s stock worth $950,191,000 after acquiring an additional 1,304,669 shares during the last quarter. Finally, Capital World Investors increased its stake in Public Storage by 93.3% during the second quarter. Capital World Investors now owns 4,036,000 shares of the real estate investment trust’s stock worth $841,627,000 after acquiring an additional 1,948,000 shares during the last quarter. Hedge funds and other institutional investors own 80.91% of the company’s stock.
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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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