CIBC Asset Management Inc grew its position in shares of Public Storage (NYSE:PSA) by 6.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 53,755 shares of the real estate investment trust’s stock after purchasing an additional 3,146 shares during the period. CIBC Asset Management Inc’s holdings in Public Storage were worth $11,503,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. acquired a new stake in shares of Public Storage during the 2nd quarter worth about $105,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Public Storage by 15.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 566 shares of the real estate investment trust’s stock worth $119,000 after purchasing an additional 75 shares during the last quarter. CENTRAL TRUST Co boosted its stake in shares of Public Storage by 41.3% during the 2nd quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock worth $121,000 after purchasing an additional 169 shares during the last quarter. Johnson Financial Group Inc. boosted its stake in shares of Public Storage by 274.4% during the 2nd quarter. Johnson Financial Group Inc. now owns 614 shares of the real estate investment trust’s stock worth $128,000 after purchasing an additional 450 shares during the last quarter. Finally, Cable Hill Partners LLC boosted its stake in shares of Public Storage by 139.9% during the 3rd quarter. Cable Hill Partners LLC now owns 787 shares of the real estate investment trust’s stock worth $168,000 after purchasing an additional 459 shares during the last quarter. 80.18% of the stock is currently owned by institutional investors.
PSA has been the topic of several analyst reports. Argus decreased their price target on shares of Public Storage from $260.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday, August 1st. Barclays PLC decreased their price target on shares of Public Storage from $216.00 to $209.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 18th. Zacks Investment Research raised shares of Public Storage from a “sell” rating to a “hold” rating in a research note on Friday, September 15th. 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, FBR & Co set a $220.00 price target on shares of Public Storage and gave the stock a “hold” rating in a research note on Thursday, October 26th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $212.45.
Public Storage (NYSE PSA) traded up $1.73 during midday trading on Tuesday, reaching $213.25. 609,400 shares of the company traded hands, compared to its average volume of 855,171. Public Storage has a 52-week low of $192.15 and a 52-week high of $232.21. The stock has a market capitalization of $36,813.15, a price-to-earnings ratio of 21.34, a price-to-earnings-growth ratio of 4.42 and a beta of 0.43.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Wednesday, December 13th will be issued a $2.00 dividend. The ex-dividend date is Tuesday, December 12th. This represents a $8.00 annualized dividend and a yield of 3.75%. Public Storage’s payout ratio is 116.79%.
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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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