Bank of America lowered shares of Public Storage (NYSE:PSA) from a neutral rating to an underperform rating in a report published on Monday morning, Marketbeat reports. Bank of America currently has $212.00 target price on the real estate investment trust’s stock. The analysts noted that the move was a valuation call.
PSA has been the subject of several other research reports. B. Riley reaffirmed a neutral rating on shares of Public Storage in a report on Wednesday, November 1st. Jefferies Group set a $210.00 price objective on shares of Public Storage and gave the stock a hold rating in a report on Thursday, August 17th. Zacks Investment Research lowered shares of Public Storage from a hold rating to a sell rating in a report on Tuesday, August 22nd. Robert W. Baird lowered shares of Public Storage from a neutral rating to an underperform rating and set a $205.00 price objective for the company. in a report on Tuesday, November 28th. Finally, FBR & Co set a $220.00 price objective on shares of Public Storage and gave the stock a hold rating in a report on Thursday, October 26th. Six investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. Public Storage has an average rating of Hold and an average price target of $210.25.
Public Storage (NYSE:PSA) opened at $211.80 on Monday. The company has a market cap of $36,731.36, a PE ratio of 21.30, a price-to-earnings-growth ratio of 4.53 and a beta of 0.43. Public Storage has a one year low of $192.15 and a one year high of $232.21.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders 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 116.79%.
In other Public Storage news, insider John Reyes sold 60,000 shares of Public Storage 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 14.42% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in PSA. Capital World Investors increased its stake in shares of Public Storage by 93.3% during the 2nd quarter. Capital World Investors now owns 4,036,000 shares of the real estate investment trust’s stock worth $841,627,000 after purchasing an additional 1,948,000 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Public Storage by 41.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,466,228 shares of the real estate investment trust’s stock worth $950,191,000 after purchasing an additional 1,304,669 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Public Storage by 3.4% during the 2nd quarter. Vanguard Group Inc. now owns 22,057,097 shares of the real estate investment trust’s stock worth $4,599,567,000 after purchasing an additional 727,573 shares during the last quarter. Epoch Investment Partners Inc. increased its stake in shares of Public Storage by 3,791.5% during the 2nd quarter. Epoch Investment Partners Inc. now owns 641,789 shares of the real estate investment trust’s stock worth $133,832,000 after purchasing an additional 625,297 shares during the last quarter. Finally, Koch Industries Inc. increased its stake in shares of Public Storage by 49,832.6% during the 2nd quarter. Koch Industries Inc. now owns 525,291 shares of the real estate investment trust’s stock worth $523,000 after purchasing an additional 524,239 shares during the last quarter. 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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