Edgestream Partners L.P. Has $4.70 Million Holdings in Public Storage $PSA

Edgestream Partners L.P. lessened its stake in Public Storage (NYSE:PSA) by 48.8% in the first quarter, HoldingsChannel reports. The firm owned 17,349 shares of the real estate investment trust’s stock after selling 16,533 shares during the period. Edgestream Partners L.P.’s holdings in Public Storage were worth $4,699,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Public Storage by 9.9% during the fourth quarter. Vanguard Group Inc. now owns 25,343,098 shares of the real estate investment trust’s stock worth $6,576,534,000 after buying an additional 2,274,397 shares during the last quarter. Norges Bank acquired a new stake in shares of Public Storage in the 4th quarter valued at approximately $1,163,751,000. Capital International Investors boosted its stake in Public Storage by 821.4% during the 4th quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust’s stock worth $1,073,032,000 after acquiring an additional 3,686,211 shares during the last quarter. Geode Capital Management LLC grew its holdings in Public Storage by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 4,089,143 shares of the real estate investment trust’s stock valued at $1,056,976,000 after purchasing an additional 66,445 shares during the period. Finally, Cohen & Steers Inc. increased its stake in Public Storage by 9.3% in the fourth quarter. Cohen & Steers Inc. now owns 3,993,623 shares of the real estate investment trust’s stock valued at $1,036,375,000 after purchasing an additional 339,882 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 950 shares of the company’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $324.81, for a total transaction of $308,569.50. Following the sale, the insider owned 1,414 shares in the company, valued at approximately $459,281.34. This represents a 40.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 11.10% of the company’s stock.

Public Storage Price Performance

NYSE PSA opened at $324.99 on Friday. The firm’s 50 day moving average is $317.75 and its 200-day moving average is $301.83. The company has a quick ratio of 0.56, a current ratio of 0.66 and a debt-to-equity ratio of 2.06. The company has a market capitalization of $57.05 billion, a PE ratio of 31.01, a price-to-earnings-growth ratio of 4.28 and a beta of 0.96. Public Storage has a 12-month low of $256.54 and a 12-month high of $335.55.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $3.00 dividend. The ex-dividend date was Monday, June 15th. This represents a $12.00 annualized dividend and a dividend yield of 3.7%. Public Storage’s dividend payout ratio (DPR) is presently 114.50%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PSA shares. Jefferies Financial Group boosted their price target on shares of Public Storage from $350.00 to $355.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. BMO Capital Markets increased their price target on Public Storage from $305.00 to $340.00 and gave the stock a “market perform” rating in a report on Monday, June 15th. Mizuho lifted their price objective on Public Storage from $301.00 to $316.00 and gave the company a “neutral” rating in a report on Wednesday, May 27th. Truist Financial upped their price target on shares of Public Storage from $302.00 to $338.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Finally, Raymond James Financial initiated coverage on shares of Public Storage in a research report on Thursday, July 16th. They issued a “market perform” rating on the stock. Seven analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $326.05.

Public Storage Company 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.