Russell Investments Group Ltd. Sells 417,110 Shares of Public Storage $PSA

Russell Investments Group Ltd. lowered its position in shares of Public Storage (NYSE:PSA) by 41.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 594,494 shares of the real estate investment trust’s stock after selling 417,110 shares during the quarter. Russell Investments Group Ltd. owned about 0.34% of Public Storage worth $171,686,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. First Pacific Financial bought a new position in shares of Public Storage in the 3rd quarter worth about $26,000. Asset Dedication LLC boosted its position in shares of Public Storage by 111.1% during the 2nd quarter. Asset Dedication LLC now owns 95 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 50 shares in the last quarter. Raiffeisen Bank International AG bought a new stake in shares of Public Storage during the 3rd quarter valued at about $30,000. Tradewinds Capital Management LLC acquired a new stake in Public Storage during the third quarter worth approximately $33,000. Finally, Quent Capital LLC acquired a new stake in Public Storage during the third quarter worth approximately $37,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Performance

Shares of Public Storage stock opened at $308.28 on Monday. The business has a 50-day simple moving average of $286.93 and a 200 day simple moving average of $284.37. Public Storage has a one year low of $256.54 and a one year high of $322.49. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a market capitalization of $54.11 billion, a price-to-earnings ratio of 34.18, a PEG ratio of 6.24 and a beta of 0.99.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Monday, March 16th. Public Storage’s dividend payout ratio is presently 133.04%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $310.00 price target on the stock. in a research note on Thursday, February 5th. Scotiabank raised their price objective on shares of Public Storage from $300.00 to $319.00 and gave the stock a “sector outperform” rating in a research report on Monday, March 2nd. The Goldman Sachs Group reiterated a “buy” rating and issued a $330.00 price objective on shares of Public Storage in a research note on Friday, February 20th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $301.00 target price (down from $316.00) on shares of Public Storage in a research report on Thursday, December 18th. Finally, Wells Fargo & Company lowered shares of Public Storage from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $330.00 to $295.00 in a research note on Thursday, February 5th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $307.13.

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.