Duff & Phelps Investment Management Co. Decreases Holdings in Public Storage $PSA

Duff & Phelps Investment Management Co. trimmed its holdings in shares of Public Storage (NYSE:PSA) by 0.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 508,821 shares of the real estate investment trust’s stock after selling 2,475 shares during the period. Public Storage comprises approximately 1.7% of Duff & Phelps Investment Management Co.’s investment portfolio, making the stock its 13th largest holding. Duff & Phelps Investment Management Co.’s holdings in Public Storage were worth $146,973,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Norges Bank bought a new position in Public Storage during the second quarter valued at about $1,153,971,000. Vanguard Group Inc. raised its position in Public Storage by 10.8% in the third quarter. Vanguard Group Inc. now owns 23,068,701 shares of the real estate investment trust’s stock worth $6,663,394,000 after acquiring an additional 2,253,225 shares during the period. AQR Capital Management LLC boosted its stake in Public Storage by 498.7% in the second quarter. AQR Capital Management LLC now owns 578,491 shares of the real estate investment trust’s stock valued at $166,970,000 after acquiring an additional 481,872 shares during the last quarter. Centersquare Investment Management LLC boosted its stake in Public Storage by 38.0% in the third quarter. Centersquare Investment Management LLC now owns 1,145,607 shares of the real estate investment trust’s stock valued at $330,909,000 after acquiring an additional 315,370 shares during the last quarter. Finally, 1832 Asset Management L.P. grew its position in shares of Public Storage by 375.7% during the 2nd 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 acquiring an additional 307,357 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PSA shares. Mizuho decreased their price target on shares of Public Storage from $310.00 to $285.00 and set a “neutral” rating for the company in a research note on Friday, December 5th. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $310.00 price objective for the company. in a report on Thursday, February 5th. Wells Fargo & Company downgraded Public Storage from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $330.00 to $295.00 in a research report on Thursday, February 5th. Deutsche Bank Aktiengesellschaft lowered Public Storage from a “buy” rating to a “hold” rating and set a $285.00 target price on the stock. in a research note on Tuesday, January 20th. Finally, Morgan Stanley started coverage on Public Storage in a research report on Friday, December 5th. They set an “equal weight” rating and a $290.00 price target on the stock. Two equities research 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 company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $307.13.

Public Storage Price Performance

PSA opened at $300.14 on Thursday. The firm has a 50-day moving average price of $289.58 and a 200-day moving average price of $284.71. Public Storage has a twelve month low of $256.54 and a twelve month high of $312.95. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 2.05. The company has a market capitalization of $52.68 billion, a price-to-earnings ratio of 33.27, a PEG ratio of 6.20 and a beta of 0.99.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Monday, March 16th. Public Storage’s payout ratio is currently 133.04%.

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.