Barclays PLC Purchases 291,895 Shares of Public Storage $PSA

Key Points

• Barclays PLC increased its stake in Public Storage by 93.8% in Q3, buying 291,895 shares to hold 602,959 shares worth about $174.2 million (≈0.34% of the company).
• Public Storage declared a quarterly dividend of $3.00 per share (annualized $12.00), payable March 31 with an ex-dividend date of March 16, implying a 3.9% yield and a 133% payout ratio.
• Analyst sentiment is mixed—MarketBeat shows a consensus "Hold" with an average target of $307.13 while several firms have cut price targets; PSA trades near $308 with a $54.1B market cap and a P/E of 34.18.

Barclays PLC grew its position in Public Storage (NYSE:PSA - Free Report) by 93.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 602,959 shares of the real estate investment trust's stock after purchasing an additional 291,895 shares during the quarter. Barclays PLC owned about 0.34% of Public Storage worth $174,165,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in PSA. First Pacific Financial bought a new position in Public Storage during the 3rd quarter worth $26,000. Asset Dedication LLC boosted its position in shares of Public Storage by 111.1% in the second quarter. Asset Dedication LLC now owns 95 shares of the real estate investment trust's stock valued at $28,000 after acquiring an additional 50 shares during the period. Raiffeisen Bank International AG bought a new stake in shares of Public Storage in the third quarter valued at about $30,000. Tradewinds Capital Management LLC acquired a new position in shares of Public Storage in the third quarter valued at about $33,000. Finally, Quent Capital LLC acquired a new position in shares of Public Storage in the third quarter valued at about $37,000. Institutional investors own 78.79% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Wall Street Zen cut shares of Public Storage from a "hold" rating to a "sell" rating in a research note on Saturday, January 10th. Raymond James Financial decreased their target price on shares of Public Storage from $350.00 to $330.00 and set a "strong-buy" rating on the stock in a research report on Tuesday, November 18th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $301.00 target price (down from $316.00) on shares of Public Storage in a report on Thursday, December 18th. Evercore set a $302.00 price target on shares of Public Storage in a research report on Tuesday, February 17th. Finally, Mizuho cut their price target on Public Storage from $310.00 to $285.00 and set a "neutral" rating for the company in a research note on Friday, December 5th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and twelve have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $307.13.

Public Storage Trading Up 0.4%

PSA opened at $308.28 on Friday. The stock has a market capitalization of $54.11 billion, a price-to-earnings ratio of 34.18, a P/E/G ratio of 6.24 and a beta of 0.99. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 2.05. Public Storage has a twelve month low of $256.54 and a twelve month high of $322.49. The company has a 50-day simple moving average of $286.93 and a 200 day simple moving average of $284.38.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Monday, March 16th. Public Storage's dividend payout ratio is 133.04%.

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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