Public Storage $PSA Shares Purchased by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments increased its stake in Public Storage by 21.9% in Q4 to 32,604 shares, worth about $8.46 million.
• Analysts hold a consensus rating of Moderate Buy with a consensus price target of $308.50, while the stock trades near $312 and has a market cap of roughly $54.8 billion.
• Public Storage pays a quarterly dividend of $3.00 (annualized $12.00) for a yield of about 3.8%, although its dividend payout ratio is high at ~133%.

Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 21.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 32,604 shares of the real estate investment trust's stock after purchasing an additional 5,854 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Public Storage were worth $8,461,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Public Storage by 10.8% during the 3rd quarter. Vanguard Group Inc. now owns 23,068,701 shares of the real estate investment trust's stock worth $6,663,394,000 after purchasing an additional 2,253,225 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Public Storage by 5.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,334,488 shares of the real estate investment trust's stock worth $963,177,000 after acquiring an additional 177,421 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Public Storage by 2.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,194,212 shares of the real estate investment trust's stock worth $633,796,000 after acquiring an additional 49,996 shares in the last quarter. APG Asset Management US Inc. lifted its position in Public Storage by 0.7% during the 3rd quarter. APG Asset Management US Inc. now owns 2,184,979 shares of the real estate investment trust's stock worth $635,130,000 after acquiring an additional 14,367 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its position in Public Storage by 5.2% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,940,574 shares of the real estate investment trust's stock worth $560,535,000 after acquiring an additional 96,627 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Analysts Set New Price Targets

PSA has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft lowered Public Storage from a "buy" rating to a "hold" rating and set a $285.00 price target on the stock. in a research report on Tuesday, January 20th. UBS Group reduced their price target on Public Storage from $293.00 to $276.00 and set a "neutral" rating on the stock in a research report on Thursday, January 8th. Evercore reduced their price target on Public Storage from $311.00 to $309.00 in a research report on Monday, April 13th. Weiss Ratings reissued a "hold (c)" rating on shares of Public Storage in a research report on Thursday, January 22nd. Finally, Barclays boosted their price target on Public Storage from $347.00 to $352.00 and gave the stock an "overweight" rating in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $308.50.

Public Storage Price Performance

Shares of NYSE PSA opened at $312.04 on Tuesday. The business has a 50 day moving average price of $292.61 and a two-hundred day moving average price of $283.90. Public Storage has a fifty-two week low of $256.54 and a fifty-two week high of $312.95. The firm has a market cap of $54.77 billion, a PE ratio of 34.59, a price-to-earnings-growth ratio of 4.11 and a beta of 1.02. 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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th were given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Monday, March 16th. Public Storage's dividend payout ratio is presently 133.04%.

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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