Public Storage $PSA Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group reduced its Public Storage stake by 4.1%, selling 34,264 shares and retaining 806,171 shares valued at approximately $256.6 million. Institutional investors collectively own 78.79% of the REIT.
• Analysts maintain a consensus “Hold” rating, with an average price target of $326.05; recent targets range from $316 to $345, including a “Buy” rating from Truist and an “Outperform” rating from Scotiabank.
• Public Storage shares opened at $328.82, near their 52-week high, while the company declared a quarterly dividend of $3.00 per share, equivalent to a 3.6% annualized yield.

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of Public Storage (NYSE:PSA - Free Report) by 4.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 806,171 shares of the real estate investment trust's stock after selling 34,264 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.46% of Public Storage worth $256,612,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Knights of Columbus Asset Advisors LLC lifted its position in Public Storage by 25.3% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 18,610 shares of the real estate investment trust's stock valued at $4,829,000 after acquiring an additional 3,763 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in Public Storage by 3.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 289,675 shares of the real estate investment trust's stock valued at $75,171,000 after acquiring an additional 9,618 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Public Storage by 5.3% during the fourth quarter. Principal Financial Group Inc. now owns 246,002 shares of the real estate investment trust's stock worth $63,838,000 after purchasing an additional 12,444 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Public Storage by 5.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 458,815 shares of the real estate investment trust's stock worth $118,576,000 after purchasing an additional 25,353 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Public Storage by 4.5% during the fourth quarter. Legal & General Group Plc now owns 1,951,779 shares of the real estate investment trust's stock worth $506,487,000 after purchasing an additional 83,916 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Wall Street Analysts Forecast Growth

PSA has been the subject of several research reports. Mizuho boosted their target price on Public Storage from $301.00 to $316.00 and gave the company a "neutral" rating in a report on Wednesday, May 27th. JPMorgan Chase & Co. raised their price target on Public Storage from $291.00 to $338.00 and gave the stock a "neutral" rating in a research note on Thursday, June 11th. Truist Financial raised their price target on Public Storage from $302.00 to $338.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. Scotiabank lifted their price target on Public Storage from $342.00 to $345.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 8th. Finally, Weiss Ratings upgraded Public Storage from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, June 12th. Seven investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to data from MarketBeat, Public Storage has a consensus rating of "Hold" and an average price target of $326.05.

Public Storage Trading Up 1.6%

Shares of Public Storage stock opened at $328.82 on Friday. The company has a debt-to-equity ratio of 2.06, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market capitalization of $57.75 billion, a P/E ratio of 31.38, a PEG ratio of 3.81 and a beta of 0.96. Public Storage has a 1 year low of $256.54 and a 1 year high of $335.55. The company's fifty day moving average is $321.83 and its two-hundred day moving average is $304.42.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 6th. Investors of record on Tuesday, September 15th will be issued a dividend of $3.00 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.6%. Public Storage's dividend payout ratio (DPR) is currently 114.50%.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 950 shares of the business's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $324.81, for a total value of $308,569.50. Following the transaction, the insider owned 1,414 shares in the company, valued at $459,281.34. The trade was a 40.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 11.10% of the stock is currently owned by corporate insiders.

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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