Zurcher Kantonalbank Zurich Cantonalbank Has $47.12 Million Position in Public Storage $PSA

Key Points

• Zurcher Kantonalbank raised its stake in Public Storage by 19.9% in Q4 to 181,568 shares, a position worth about $47.12 million.
• Public Storage recently paid a quarterly dividend of $3.00 (annualized $12.00) for a yield of 3.8%, though its payout ratio is high at 133.04%.
• Analysts show a mixed view but an overall average rating of “Moderate Buy” with a mean price target of $308.50, while recent revisions range from Barclays’ $352 target to JPMorgan/Wells Fargo cuts into the high $200s–low $300s.

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Public Storage (NYSE:PSA - Free Report) by 19.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 181,568 shares of the real estate investment trust's stock after buying an additional 30,111 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.10% of Public Storage worth $47,117,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tokio Marine Asset Management Co. Ltd. raised its position in Public Storage by 10.3% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,291 shares of the real estate investment trust's stock worth $1,373,000 after purchasing an additional 494 shares in the last quarter. Werba Rubin Papier Wealth Management boosted its holdings in Public Storage by 3.3% during the fourth quarter. Werba Rubin Papier Wealth Management now owns 2,343 shares of the real estate investment trust's stock valued at $608,000 after purchasing an additional 74 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Public Storage by 21.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 32,604 shares of the real estate investment trust's stock valued at $8,461,000 after purchasing an additional 5,854 shares in the last quarter. B&I Capital AG grew its stake in shares of Public Storage by 4.8% in the 4th quarter. B&I Capital AG now owns 39,000 shares of the real estate investment trust's stock valued at $10,120,000 after purchasing an additional 1,785 shares during the period. Finally, KBC Group NV raised its holdings in shares of Public Storage by 0.5% in the 4th quarter. KBC Group NV now owns 129,693 shares of the real estate investment trust's stock worth $33,655,000 after buying an additional 688 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PSA. Barclays boosted their price target on Public Storage from $347.00 to $352.00 and gave the company an "overweight" rating in a research note on Monday. JPMorgan Chase & Co. dropped their price objective on Public Storage from $295.00 to $291.00 and set a "neutral" rating for the company in a research note on Monday, March 23rd. Wells Fargo & Company cut Public Storage from an "overweight" rating to an "equal weight" rating and cut their price objective for the company from $330.00 to $295.00 in a report on Thursday, February 5th. BMO Capital Markets restated a "market perform" rating on shares of Public Storage in a research note on Monday, March 16th. Finally, BNP Paribas Exane lowered their target price on shares of Public Storage from $329.00 to $315.00 in a report on Tuesday, December 23rd. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $308.50.

Public Storage Stock Up 0.9%

Shares of PSA opened at $312.04 on Tuesday. The company has a market capitalization of $54.77 billion, a P/E ratio of 34.59, a PEG ratio of 4.11 and a beta of 1.02. 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 $292.61 and its 200-day simple moving average is $283.90. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.75 and a quick ratio of 0.75.

Public Storage Dividend Announcement

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

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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