Vident Investment Advisory LLC purchased a new stake in shares of Public Storage (NYSE:PSA) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,845 shares of the real estate investment trust’s stock, valued at approximately $394,000.
Several other hedge funds have also recently made changes to their positions in PSA. Capital World Investors boosted its stake in shares of 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 valued at $841,627,000 after purchasing an additional 1,948,000 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of 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 valued at $950,191,000 after purchasing an additional 1,304,669 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Public Storage by 3.4% during 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 in the last quarter. Epoch Investment Partners Inc. boosted its stake in shares of Public Storage by 3,791.5% during the second quarter. Epoch Investment Partners Inc. now owns 641,789 shares of the real estate investment trust’s stock valued at $133,832,000 after purchasing an additional 625,297 shares in the last quarter. Finally, Koch Industries Inc. boosted its stake in shares of Public Storage by 49,832.6% during the second quarter. Koch Industries Inc. now owns 525,291 shares of the real estate investment trust’s stock valued at $523,000 after purchasing an additional 524,239 shares in the last quarter. 80.64% of the stock is currently owned by hedge funds and other institutional investors.
PSA has been the topic of a number of recent research reports. SunTrust Banks reissued a “hold” rating and set a $200.00 price target on shares of Public Storage in a research note on Friday, October 27th. 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. BMO Capital Markets assumed coverage on Public Storage in a research report on Monday, September 11th. They set an “underperform” rating and a $193.00 price objective for the company. Evercore ISI restated an “underperform” rating and set a $204.00 price objective (up from $197.00) on shares of Public Storage in a research report on Thursday, September 14th. Finally, Morgan Stanley downgraded Public Storage from an “equal weight” rating to an “underweight” rating and set a $199.00 price objective for the company. in a research report on Wednesday, December 13th. Seven equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. Public Storage currently has an average rating of “Hold” and a consensus target price of $209.38.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders 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 yield of 3.77%. Public Storage’s payout ratio is currently 116.79%.
In other Public Storage news, Director Gary E. Pruitt sold 5,000 shares of Public Storage stock in a transaction that occurred 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 sale, the director now directly owns 8,350 shares in the company, valued at $1,770,951.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider John Reyes sold 60,000 shares of Public Storage stock in a transaction that occurred on Friday, December 1st. The stock was 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. Insiders own 14.42% of the company’s stock.
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Public Storage 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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