Mirae Asset Global Investments Co. Ltd. Trims Holdings in Public Storage (NYSE:PSA)

Mirae Asset Global Investments Co. Ltd. reduced its position in Public Storage (NYSE:PSAGet Rating) by 62.1% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 29,994 shares of the real estate investment trust’s stock after selling 49,192 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Public Storage were worth $11,706,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of PSA. Mystic Asset Management Inc. acquired a new position in Public Storage in the 4th quarter valued at $26,000. Investors Research Corp increased its stake in Public Storage by 102.5% in the 1st quarter. Investors Research Corp now owns 81 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 41 shares during the period. Stonebridge Capital Advisors LLC increased its stake in Public Storage by 119.0% in the 4th quarter. Stonebridge Capital Advisors LLC now owns 92 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 50 shares during the period. Byrne Asset Management LLC acquired a new position in Public Storage in the 4th quarter valued at $38,000. Finally, Wellington Shields Capital Management LLC acquired a new position in Public Storage in the 1st quarter valued at $38,000. 78.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PSA. StockNews.com raised shares of Public Storage from a “hold” rating to a “buy” rating in a research note on Monday, September 12th. Truist Financial lowered their price target on shares of Public Storage from $425.00 to $385.00 and set a “buy” rating on the stock in a research note on Wednesday, June 1st. UBS Group lowered their price target on shares of Public Storage from $390.00 to $336.00 and set a “neutral” rating on the stock in a research note on Monday, July 25th. Stifel Nicolaus lowered their price target on shares of Public Storage from $410.00 to $360.00 in a research note on Tuesday, June 21st. Finally, Citigroup reaffirmed a “buy” rating and set a $367.00 price target on shares of Public Storage in a research note on Thursday, July 28th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $365.58.

Insider Buying and Selling at Public Storage

In other Public Storage news, Director John Reyes sold 51,637 shares of the company’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $353.15, for a total value of $18,235,606.55. Following the transaction, the director now directly owns 175,449 shares in the company, valued at approximately $61,959,814.35. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Public Storage news, Director John Reyes sold 51,637 shares of the company’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $353.15, for a total value of $18,235,606.55. Following the transaction, the director now directly owns 175,449 shares in the company, valued at approximately $61,959,814.35. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Tamara Hughes Gustavson sold 203 shares of the company’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $348.29, for a total transaction of $70,702.87. Following the completion of the transaction, the director now owns 5,500 shares in the company, valued at $1,915,595. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 52,670 shares of company stock worth $18,599,374. Corporate insiders own 11.00% of the company’s stock.

Public Storage Price Performance

Public Storage stock opened at $312.50 on Tuesday. Public Storage has a 52 week low of $292.32 and a 52 week high of $421.76. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 1.29. The firm’s 50-day simple moving average is $332.11 and its 200 day simple moving average is $343.87. The firm has a market capitalization of $54.83 billion, a PE ratio of 26.67, a P/E/G ratio of 2.86 and a beta of 0.33.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, September 14th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $8.00 dividend on an annualized basis and a yield of 2.56%. Public Storage’s dividend payout ratio (DPR) is 68.14%.

About Public Storage

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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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 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 239 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 September 30, 2020.

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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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