The Manufacturers Life Insurance Company Has $28.14 Million Stock Position in Public Storage $PSA

Key Points

• The Manufacturers Life Insurance Company increased its Public Storage stake by 6% in the first quarter, holding 103,885 shares worth approximately $28.14 million. Institutional investors own 78.79% of PSA.
• Public Storage paid a quarterly dividend of $3.00 per share, equivalent to $12.00 annually and a 3.7% yield; its 114.5% payout ratio exceeds earnings.
• PSA shares opened at $324.99, near Wall Street’s consensus price target of $326.05. Analysts maintain a consensus “Hold” rating, with seven Buys and fourteen Holds.

The Manufacturers Life Insurance Company raised its stake in Public Storage (NYSE:PSA - Free Report) by 6.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 103,885 shares of the real estate investment trust's stock after acquiring an additional 5,858 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.06% of Public Storage worth $28,140,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of PSA. Harvest Fund Management Co. Ltd bought a new stake in shares of Public Storage during the third quarter worth approximately $27,000. Bayban bought a new position in shares of Public Storage during the fourth quarter worth approximately $26,000. Wealth Watch Advisors INC acquired a new stake in Public Storage during the 3rd quarter worth approximately $34,000. Raiffeisen Bank International AG lifted its holdings in Public Storage by 35.2% during the 4th quarter. Raiffeisen Bank International AG now owns 142 shares of the real estate investment trust's stock worth $37,000 after purchasing an additional 37 shares during the last quarter. Finally, Knuff & Co LLC acquired a new stake in Public Storage during the 4th quarter worth approximately $38,000. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

Public Storage stock opened at $324.99 on Friday. The stock's fifty day moving average price is $317.75 and its two-hundred day moving average price is $301.83. Public Storage has a one year low of $256.54 and a one year high of $335.55. The company has a debt-to-equity ratio of 2.06, a current ratio of 0.66 and a quick ratio of 0.56. The firm has a market cap of $57.05 billion, a PE ratio of 31.01, a price-to-earnings-growth ratio of 4.28 and a beta of 0.96.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Monday, June 15th. Public Storage's dividend payout ratio is 114.50%.

Wall Street Analyst Weigh In

A number of research analysts have commented on PSA shares. Royal Bank Of Canada upped their price objective on Public Storage from $305.00 to $318.00 and gave the company a "sector perform" rating in a report on Friday. Wall Street Zen raised Public Storage from a "sell" rating to a "hold" rating in a report on Saturday, May 2nd. Evercore set a $316.00 target price on shares of Public Storage in a research report on Monday, July 6th. Jefferies Financial Group upped their price target on shares of Public Storage from $350.00 to $355.00 and gave the company a "buy" rating in a research note on Wednesday, May 20th. Finally, Weiss Ratings raised shares of Public Storage from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, June 12th. Seven analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $326.05.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 950 shares of the firm's stock in a transaction on 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 approximately $459,281.34. This trade represents a 40.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 11.10% of the company's stock.

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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