Public Storage $PSA Shares Sold by Cbre Investment Management Listed Real Assets LLC

Key Points

• CBRE Investment Management Listed Real Assets LLC cut its stake in Public Storage by 77.5% in Q3, selling 196,846 shares and leaving 57,051 shares valued at about $16.48 million.
• Public Storage announced a quarterly dividend of $3.00 per share (annualized $12.00), implying a ~4.0% yield with an ex-dividend/record date of March 16 and a payout ratio of 133.04%.
• Analysts are mixed and the consensus rating is a Hold with a $307.13 target; the stock trades near $300 and has a market capitalization of roughly $52.7 billion.

Cbre Investment Management Listed Real Assets LLC cut its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 77.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,051 shares of the real estate investment trust's stock after selling 196,846 shares during the period. Cbre Investment Management Listed Real Assets LLC's holdings in Public Storage were worth $16,479,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PSA. First Pacific Financial acquired a new position in shares of Public Storage in the third quarter valued at approximately $26,000. Asset Dedication LLC boosted its position in Public Storage by 111.1% in the 2nd quarter. Asset Dedication LLC now owns 95 shares of the real estate investment trust's stock valued at $28,000 after buying an additional 50 shares during the period. Raiffeisen Bank International AG purchased a new position in Public Storage in the 3rd quarter valued at approximately $30,000. Tradewinds Capital Management LLC acquired a new position in shares of Public Storage in the third quarter worth $33,000. Finally, Quent Capital LLC acquired a new position in shares of Public Storage in the third quarter worth $37,000. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Stock Down 1.9%

PSA opened at $300.14 on Thursday. The stock has a market capitalization of $52.68 billion, a P/E ratio of 33.27, a price-to-earnings-growth ratio of 6.20 and a beta of 0.99. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.75 and a current ratio of 0.75. Public Storage has a one year low of $256.54 and a one year high of $312.95. The business's 50-day simple moving average is $289.58 and its 200-day simple moving average is $284.71.

Public Storage Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Monday, March 16th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.0%. Public Storage's dividend payout ratio (DPR) is 133.04%.

Wall Street Analysts Forecast Growth

PSA has been the topic of several analyst reports. BNP Paribas Exane reduced their price objective on Public Storage from $329.00 to $315.00 in a research note on Tuesday, December 23rd. Bank of America cut Public Storage from a "buy" rating to a "neutral" rating and set a $310.00 target price for the company. in a research note on Thursday, February 5th. Scotiabank increased their price target on Public Storage from $300.00 to $319.00 and gave the company a "sector outperform" rating in a research report on Monday, March 2nd. UBS Group decreased their price objective on Public Storage from $293.00 to $276.00 and set a "neutral" rating for the company in a research note on Thursday, January 8th. Finally, Wells Fargo & Company downgraded shares of Public Storage from an "overweight" rating to an "equal weight" rating and dropped their price objective for the company from $330.00 to $295.00 in a research report on Thursday, February 5th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, Public Storage has an average rating of "Hold" and a consensus target price of $307.13.

Public Storage Company 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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