TD Asset Management Inc Decreases Stake in Public Storage $PSA

TD Asset Management Inc trimmed its position in shares of Public Storage (NYSE:PSA) by 7.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 179,443 shares of the real estate investment trust’s stock after selling 14,776 shares during the period. TD Asset Management Inc owned about 0.10% of Public Storage worth $51,832,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Public Storage during the 2nd quarter worth approximately $1,153,971,000. Vanguard Group Inc. lifted its position in shares of Public Storage by 10.8% during the 3rd quarter. Vanguard Group Inc. now owns 23,068,701 shares of the real estate investment trust’s stock worth $6,663,394,000 after purchasing an additional 2,253,225 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Public Storage by 498.7% during the second quarter. AQR Capital Management LLC now owns 578,491 shares of the real estate investment trust’s stock worth $166,970,000 after purchasing an additional 481,872 shares in the last quarter. 1832 Asset Management L.P. increased its holdings in Public Storage by 375.7% in the second quarter. 1832 Asset Management L.P. now owns 389,169 shares of the real estate investment trust’s stock valued at $114,190,000 after buying an additional 307,357 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Public Storage by 5.6% in the third quarter. JPMorgan Chase & Co. now owns 3,334,488 shares of the real estate investment trust’s stock valued at $963,177,000 after buying an additional 177,421 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Trading Up 1.4%

Shares of Public Storage stock opened at $303.49 on Friday. The firm has a market cap of $53.27 billion, a price-to-earnings ratio of 33.65, a price-to-earnings-growth ratio of 6.07 and a beta of 1.01. Public Storage has a 52-week low of $256.54 and a 52-week high of $322.49. The company’s 50-day simple moving average is $281.23 and its 200-day simple moving average is $283.28. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 2.05.

Public Storage Announces Dividend

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 paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Monday, March 16th. Public Storage’s dividend payout ratio is 133.04%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PSA. Wolfe Research lowered Public Storage from an “outperform” rating to a “peer perform” rating in a research report on Monday, January 26th. Wall Street Zen cut shares of Public Storage from a “hold” rating to a “sell” rating in a report on Saturday, January 10th. Raymond James Financial cut their price target on shares of Public Storage from $350.00 to $330.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, November 18th. Evercore set a $302.00 price objective on shares of Public Storage in a research note on Tuesday, February 17th. Finally, UBS Group dropped their price target on Public Storage from $293.00 to $276.00 and set a “neutral” rating on the stock in a research note on Thursday, January 8th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $307.00.

About Public Storage

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.