Sumitomo Mitsui Trust Group Inc. Has $222.21 Million Holdings in Public Storage $PSA

Key Points

• Sumitomo Mitsui Trust Group reduced its stake in Public Storage by 1.9% in Q4 and now owns 856,292 shares (≈0.49%) worth $222.21 million.
• Public Storage declared a quarterly dividend of $3.00 per share ($12.00 annualized)4.1% yield but a high dividend payout ratio of 133.04%.
• Analysts are mixed: the consensus rating is Hold with a target price of $306.53, while several firms have recently cut price targets or issued downgrades.

Sumitomo Mitsui Trust Group Inc. lessened its stake in Public Storage (NYSE:PSA - Free Report) by 1.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 856,292 shares of the real estate investment trust's stock after selling 16,551 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.49% of Public Storage worth $222,208,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in PSA. Empowered Funds LLC boosted its holdings in shares of Public Storage by 13.3% in the 1st quarter. Empowered Funds LLC now owns 3,186 shares of the real estate investment trust's stock valued at $954,000 after buying an additional 373 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Public Storage during the 2nd quarter valued at $929,000. Nebula Research & Development LLC acquired a new stake in Public Storage during the 2nd quarter valued at $1,113,000. Treasurer of the State of North Carolina lifted its holdings in Public Storage by 1.9% during the 2nd quarter. Treasurer of the State of North Carolina now owns 73,774 shares of the real estate investment trust's stock valued at $21,647,000 after purchasing an additional 1,390 shares during the last quarter. Finally, Ieq Capital LLC lifted its holdings in Public Storage by 219.8% during the 2nd quarter. Ieq Capital LLC now owns 48,190 shares of the real estate investment trust's stock valued at $14,140,000 after purchasing an additional 33,122 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. BMO Capital Markets reaffirmed a "market perform" rating on shares of Public Storage in a report on Monday, March 16th. JPMorgan Chase & Co. cut their price target on Public Storage from $295.00 to $291.00 and set a "neutral" rating for the company in a report on Monday, March 23rd. UBS Group cut their price target on Public Storage from $293.00 to $276.00 and set a "neutral" rating for the company in a report on Thursday, January 8th. Wall Street Zen downgraded Public Storage from a "hold" rating to a "sell" rating in a report on Sunday, March 29th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Public Storage in a report on Thursday, January 22nd. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and twelve have issued a Hold rating to the company's stock. Based on data from MarketBeat, Public Storage has an average rating of "Hold" and a consensus target price of $306.53.

Public Storage Price Performance

NYSE:PSA opened at $293.53 on Monday. Public Storage has a 52 week low of $256.54 and a 52 week high of $312.95. The firm has a market cap of $51.52 billion, a price-to-earnings ratio of 32.54, a P/E/G ratio of 6.05 and a beta of 1.02. The firm's 50-day simple moving average is $290.11 and its 200 day simple moving average is $283.20. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 16th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Monday, March 16th. Public Storage's dividend payout ratio (DPR) 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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