Amundi Sells 91,406 Shares of Public Storage $PSA

Key Points

• Amundi cut its Public Storage holdings by 14.2% in the first quarter, selling 91,406 shares and retaining 550,070 shares valued at approximately $149 million. Institutional investors collectively own 78.79% of PSA.
• Public Storage shares recently traded at $324.99, up 2.4%, near the upper end of their 52-week range. The company pays a quarterly dividend of $3 per share, equivalent to a 3.7% annualized yield.
• Analyst sentiment remains mixed: seven analysts rate PSA a Buy and fourteen rate it a Hold, producing an overall “Hold” rating and an average price target of $326.05, while several firms recently raised their targets.

Amundi reduced its holdings in Public Storage (NYSE:PSA - Free Report) by 14.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 550,070 shares of the real estate investment trust's stock after selling 91,406 shares during the period. Amundi owned approximately 0.31% of Public Storage worth $149,003,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. V Square Quantitative Management LLC lifted its position in Public Storage by 2.2% in the 1st quarter. V Square Quantitative Management LLC now owns 1,546 shares of the real estate investment trust's stock valued at $419,000 after acquiring an additional 34 shares in the last quarter. Gryphon Financial Partners LLC boosted its position in shares of Public Storage by 2.6% during the first quarter. Gryphon Financial Partners LLC now owns 1,423 shares of the real estate investment trust's stock worth $385,000 after buying an additional 36 shares during the period. Meiji Yasuda Asset Management Co Ltd. grew its holdings in shares of Public Storage by 1.7% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,215 shares of the real estate investment trust's stock worth $575,000 after buying an additional 37 shares in the last quarter. Raiffeisen Bank International AG lifted its stake in Public Storage by 35.2% in the 4th quarter. Raiffeisen Bank International AG now owns 142 shares of the real estate investment trust's stock valued at $37,000 after acquiring an additional 37 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV grew its stake in shares of Public Storage by 0.7% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 5,358 shares of the real estate investment trust's stock worth $1,451,000 after acquiring an additional 39 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Trading Up 2.4%

Shares of PSA stock opened at $324.99 on Friday. Public Storage has a fifty-two week low of $256.54 and a fifty-two week high of $335.55. The stock's fifty day moving average price is $317.75 and its two-hundred day moving average price is $301.83. The company has a debt-to-equity ratio of 2.06, a quick ratio of 0.56 and a current ratio of 0.66. The company has a market cap of $57.05 billion, a PE ratio of 31.01, a P/E/G ratio of 4.28 and a beta of 0.96.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $12.00 annualized dividend and a dividend yield of 3.7%. Public Storage's payout ratio is 114.50%.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 950 shares of the company's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $324.81, for a total transaction of $308,569.50. Following the completion of the transaction, the insider directly owned 1,414 shares in the company, valued at approximately $459,281.34. This represents a 40.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 11.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Weiss Ratings upgraded shares of Public Storage from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, June 12th. Citigroup boosted their price target on Public Storage from $325.00 to $363.00 and gave the stock a "buy" rating in a research report on Tuesday, June 16th. BNP Paribas Exane boosted their target price on shares of Public Storage from $331.00 to $335.00 and gave the stock an "outperform" rating in a report on Friday, May 22nd. Truist Financial increased their price target on shares of Public Storage from $302.00 to $338.00 and gave the company a "buy" rating in a research note on Tuesday, June 23rd. Finally, Jefferies Financial Group boosted their price objective on shares of Public Storage from $350.00 to $355.00 and gave the stock a "buy" rating in a research note on Wednesday, May 20th. Seven analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $326.05.

Public Storage Profile

Public Storage NYSE: PSA is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company's core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.

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