Public Storage (NYSE:PSA) Short Interest Up 32.6% in March

Public Storage (NYSE:PSA) was the target of a large growth in short interest in the month of March. As of March 31st, there was short interest totaling 6,779,269 shares, a growth of 32.6% from the March 15th total of 5,113,900 shares. Based on an average daily trading volume, of 1,594,656 shares, the days-to-cover ratio is presently 4.3 days. Approximately 4.3% of the company’s stock are short sold.

Public Storage Stock Up 2.6%

Shares of PSA stock traded up $7.77 during mid-day trading on Friday, hitting $309.51. The stock had a trading volume of 987,481 shares, compared to its average volume of 1,227,690. Public Storage has a 12-month low of $256.54 and a 12-month high of $312.95. The firm has a market capitalization of $54.32 billion, a P/E ratio of 34.31, a price-to-earnings-growth ratio of 4.02 and a beta of 1.02. The firm’s 50-day moving average is $291.70 and its two-hundred day moving average is $283.68. 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 business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 16th were paid 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 was Monday, March 16th. Public Storage’s dividend payout ratio is 133.04%.

Institutional Investors Weigh In On Public Storage

Hedge funds have recently made changes to their positions in the stock. First Pacific Financial purchased a new stake in shares of Public Storage during the 3rd quarter worth $26,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of Public Storage during the 3rd quarter worth $27,000. Asset Dedication LLC lifted its stake 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 worth $28,000 after purchasing an additional 50 shares during the last quarter. Bayban purchased a new stake in shares of Public Storage during the 4th quarter worth $26,000. Finally, Raiffeisen Bank International AG purchased a new stake in shares of Public Storage during the 3rd quarter worth $30,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PSA has been the subject of several research reports. Wall Street Zen cut Public Storage from a “hold” rating to a “sell” rating in a report on Sunday, March 29th. The Goldman Sachs Group reiterated a “buy” rating and issued a $330.00 target price on shares of Public Storage in a report on Friday, February 20th. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $310.00 target price for the company. in a report on Thursday, February 5th. JPMorgan Chase & Co. lowered their target price on Public Storage from $295.00 to $291.00 and set a “neutral” rating for the company in a report on Monday, March 23rd. Finally, Barclays upped their target price on Public Storage from $331.00 to $347.00 and gave the stock an “overweight” rating in a report on Thursday, March 5th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $308.22.

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.