First Trust Advisors LP Grows Position in Public Storage $PSA

Key Points

• First Trust Advisors LP raised its stake in Public Storage by 5.7% in Q3 to 186,123 shares (about $53.76M), and institutional investors now own roughly 78.79% of the company.
• Public Storage announced a quarterly dividend of $3.00 per share (annualized $12.00), implying a 4.0% yield; the record date is March 16 and the payment date is March 31, while the payout ratio is 133.04%.
• Analysts' consensus is a "Hold" rating with an average price target of $307.13, after several firms trimmed targets (Mizuho, BMO, UBS, Deutsche Bank) though Goldman Sachs maintains a $330 buy rating.

First Trust Advisors LP raised its stake in shares of Public Storage (NYSE:PSA - Free Report) by 5.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 186,123 shares of the real estate investment trust's stock after acquiring an additional 9,961 shares during the period. First Trust Advisors LP owned about 0.11% of Public Storage worth $53,762,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Patrick M Sweeney & Associates Inc. lifted its position in shares of Public Storage by 3.5% during the second quarter. Patrick M Sweeney & Associates Inc. now owns 1,070 shares of the real estate investment trust's stock valued at $317,000 after purchasing an additional 36 shares in the last quarter. CoreCap Advisors LLC grew its position in Public Storage by 7.0% in the 3rd quarter. CoreCap Advisors LLC now owns 568 shares of the real estate investment trust's stock worth $164,000 after purchasing an additional 37 shares in the last quarter. Cape ANN Savings Bank grew its position in Public Storage by 1.4% in the 3rd quarter. Cape ANN Savings Bank now owns 2,793 shares of the real estate investment trust's stock worth $807,000 after purchasing an additional 38 shares in the last quarter. Covestor Ltd increased its stake in Public Storage by 9.4% in the 3rd quarter. Covestor Ltd now owns 467 shares of the real estate investment trust's stock valued at $136,000 after buying an additional 40 shares during the last quarter. Finally, Arkadios Wealth Advisors increased its stake in Public Storage by 2.3% in the 3rd quarter. Arkadios Wealth Advisors now owns 1,746 shares of the real estate investment trust's stock valued at $504,000 after buying an additional 40 shares during the last quarter. Institutional investors own 78.79% of the company's stock.

Analysts Set New Price Targets

PSA has been the topic of a number of research analyst reports. Mizuho cut their target price on Public Storage from $310.00 to $285.00 and set a "neutral" rating on the stock in a research note on Friday, December 5th. BMO Capital Markets decreased their price target on Public Storage from $320.00 to $305.00 and set a "market perform" rating for the company in a research report on Monday, December 22nd. The Goldman Sachs Group reiterated a "buy" rating and set a $330.00 price target on shares of Public Storage in a report on Friday, February 20th. Deutsche Bank Aktiengesellschaft cut Public Storage from a "buy" rating to a "hold" rating and set a $285.00 price objective on the stock. in a research report on Tuesday, January 20th. Finally, UBS Group decreased their target price on Public Storage from $293.00 to $276.00 and set a "neutral" rating for the company in a research report on Thursday, January 8th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and twelve have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $307.13.

Public Storage Trading Down 1.9%

Shares of PSA stock opened at $300.14 on Thursday. The company has a 50 day moving average of $289.58 and a 200-day moving average of $284.71. 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 12-month low of $256.54 and a 12-month high of $312.95. The firm has a market cap of $52.68 billion, a P/E ratio of 33.27, a PEG ratio of 6.20 and a beta of 0.99.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.0%. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.