Arrowstreet Capital Limited Partnership Cuts Position in Public Storage $PSA

Arrowstreet Capital Limited Partnership lowered its holdings in Public Storage (NYSE:PSA - Free Report) by 65.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 126,080 shares of the real estate investment trust's stock after selling 235,145 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.07% of Public Storage worth $34,153,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Harvest Fund Management Co. Ltd acquired a new position in Public Storage during the third quarter worth about $27,000. Bayban acquired a new stake in shares of Public Storage during the 4th quarter valued at approximately $26,000. Wealth Watch Advisors INC acquired a new stake in shares of Public Storage during the 3rd quarter valued at approximately $34,000. Raiffeisen Bank International AG boosted its stake in shares of Public Storage by 35.2% during the 4th quarter. Raiffeisen Bank International AG now owns 142 shares of the real estate investment trust's stock worth $37,000 after acquiring an additional 37 shares in the last quarter. Finally, Knuff & Co LLC purchased a new stake in shares of Public Storage during the 4th quarter worth approximately $38,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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

Analyst Upgrades and Downgrades

PSA has been the subject of several research analyst reports. Citigroup raised their price objective on Public Storage from $325.00 to $363.00 and gave the company a "buy" rating in a research note on Tuesday, June 16th. Barclays reiterated an "equal weight" rating and set a $349.00 target price on shares of Public Storage in a research report on Friday, July 10th. Truist Financial upped their target price on Public Storage from $302.00 to $338.00 and gave the company a "buy" rating in a report on Tuesday, June 23rd. Raymond James Financial assumed coverage on Public Storage in a research report on Thursday, July 16th. They issued a "market perform" rating for the company. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $341.00 price target on shares of Public Storage in a research note on Wednesday, April 29th. Seven analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $325.37.

Public Storage Stock Up 2.2%

PSA stock opened at $331.02 on Wednesday. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.56 and a quick ratio of 0.56. The company's 50 day simple moving average is $316.58 and its 200-day simple moving average is $300.98. Public Storage has a 12 month low of $256.54 and a 12 month high of $335.05. The firm has a market capitalization of $58.11 billion, a PE ratio of 34.16, a P/E/G ratio of 4.36 and a beta of 0.96.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings data on Monday, April 27th. The real estate investment trust reported $2.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.42 by $0.29. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. Public Storage had a return on equity of 37.78% and a net margin of 39.16%.The company's quarterly revenue was down .1% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.12 EPS. Equities analysts expect that Public Storage will post 16.94 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Monday, June 15th. Public Storage's dividend payout ratio is currently 123.84%.

About Public Storage

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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