Korea Investment CORP Has $16.19 Million Stock Position in Public Storage $PSA

Key Points

• Korea Investment CORP cut its stake in Public Storage by 43.7% in the third quarter, leaving it with 56,040 shares valued at about $16.19 million.
• Public Storage declared a quarterly dividend of $3.00 per share (annualized $12.00), a 3.9% yield, payable March 31 with record/ex-dividend dates on March 16.
• Analyst sentiment has cooled with multiple downgrades and price-target cuts, leaving an average consensus rating of "Hold" and an average target price of $307.13.

Korea Investment CORP reduced its stake in Public Storage (NYSE:PSA - Free Report) by 43.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 56,040 shares of the real estate investment trust's stock after selling 43,451 shares during the period. Korea Investment CORP's holdings in Public Storage were worth $16,187,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. First Pacific Financial acquired a new position in Public Storage in the third quarter valued at about $26,000. Asset Dedication LLC boosted its holdings in Public Storage by 111.1% during the second quarter. Asset Dedication LLC now owns 95 shares of the real estate investment trust's stock worth $28,000 after buying an additional 50 shares during the last quarter. Raiffeisen Bank International AG acquired a new position in shares of Public Storage during the 3rd quarter worth about $30,000. Tradewinds Capital Management LLC bought a new stake in shares of Public Storage in the 3rd quarter valued at about $33,000. Finally, Quent Capital LLC bought a new stake in shares of Public Storage in the 3rd quarter valued at about $37,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PSA has been the topic of a number of analyst reports. BMO Capital Markets cut their price target on shares of Public Storage from $320.00 to $305.00 and set a "market perform" rating on the stock in a research report on Monday, December 22nd. Wall Street Zen downgraded shares of Public Storage from a "hold" rating to a "sell" rating in a research note on Saturday, January 10th. Bank of America lowered shares of Public Storage from a "buy" rating to a "neutral" rating and set a $310.00 target price on the stock. in a report on Thursday, February 5th. BNP Paribas Exane reduced their price target on shares of Public Storage from $329.00 to $315.00 in a research report on Tuesday, December 23rd. Finally, Evercore set a $302.00 price target on shares of Public Storage in a report on Tuesday, February 17th. 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 stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $307.13.

Public Storage Price Performance

PSA stock opened at $305.95 on Wednesday. The stock has a 50-day moving average price of $288.77 and a two-hundred day moving average price of $284.60. The stock has a market cap of $53.70 billion, a PE ratio of 33.92, a price-to-earnings-growth ratio of 6.21 and a beta of 0.99. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 2.05. Public Storage has a 1 year low of $256.54 and a 1 year high of $314.31.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend 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 currently 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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