Investors Buy Public Storage (PSA) on Weakness Following Insider Selling

Traders bought shares of Public Storage (NYSE:PSA) on weakness during trading hours on Monday following insider selling activity. $99.35 million flowed into the stock on the tick-up and $43.25 million flowed out of the stock on the tick-down, for a money net flow of $56.10 million into the stock. Of all equities tracked, Public Storage had the 24th highest net in-flow for the day. Public Storage traded down ($2.10) for the day and closed at $209.97Specifically, insider John Reyes sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $212.24, for a total transaction of $12,734,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 14.42% of the company’s stock.

Several research analysts recently issued reports on PSA shares. B. Riley reaffirmed a “neutral” rating on shares of Public Storage in a research report on Wednesday, November 1st. Bank of America cut Public Storage from a “neutral” rating to an “underperform” rating and set a $212.00 target price on the stock. in a research report on Monday. They noted that the move was a valuation call. Zacks Investment Research raised Public Storage from a “sell” rating to a “hold” rating in a research report on Friday, September 15th. Barclays reaffirmed a “hold” rating and set a $207.00 target price on shares of Public Storage in a research report on Thursday, October 19th. Finally, BMO Capital Markets started coverage on Public Storage in a research report on Monday, September 11th. They set an “underperform” rating and a $193.00 target price on the stock. Six investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $210.25.

The firm has a market cap of $36,540.00, a PE ratio of 21.40, a price-to-earnings-growth ratio of 4.48 and a beta of 0.43.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Wednesday, December 13th will be given a $2.00 dividend. The ex-dividend date of this dividend is Tuesday, December 12th. This represents a $8.00 annualized dividend and a yield of 3.81%. Public Storage’s dividend payout ratio is currently 116.96%.

A number of hedge funds have recently bought and sold shares of PSA. Bessemer Group Inc. purchased a new position in Public Storage in the second quarter worth $105,000. Northwestern Mutual Wealth Management Co. boosted its position in Public Storage by 15.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 566 shares of the real estate investment trust’s stock worth $119,000 after purchasing an additional 75 shares during the last quarter. Johnson Financial Group Inc. boosted its position in Public Storage by 274.4% in the second quarter. Johnson Financial Group Inc. now owns 614 shares of the real estate investment trust’s stock worth $128,000 after purchasing an additional 450 shares during the last quarter. Cable Hill Partners LLC boosted its position in Public Storage by 139.9% in the third quarter. Cable Hill Partners LLC now owns 787 shares of the real estate investment trust’s stock worth $168,000 after purchasing an additional 459 shares during the last quarter. Finally, D.A. Davidson & CO. boosted its position in Public Storage by 23.8% in the second quarter. D.A. Davidson & CO. now owns 885 shares of the real estate investment trust’s stock worth $184,000 after purchasing an additional 170 shares during the last quarter. 80.91% of the stock is currently owned by institutional investors and hedge funds.

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Public Storage Company Profile

Public Storage is a real estate investment trust (REIT). The Company’s principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space.

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