Public Storage
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Real Estate : Equity Real Estate Investment Trusts (REITs) | Large Cap Blend
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. The Company's segments include Self-Storage Operations, Ancillary Operations, Investment in PS Business Parks, Inc. (PSB) and Investment in Shurgard Europe. As of December 31, 2016, the Company had direct and indirect equity interests in 2,348 self-storage facilities (with approximately 154 million net rentable square feet) located in 38 states in the United States operating under the Public Storage name.

This security is an American depositary receipt
ADR Fees
American Depositary Receipt (ADR) Fee

ADR fees charged by custodial banks normally average from 1 to 3 cents per share. Other country fees might apply. To read more, see the Exception Fees tab at Brokerage Fees

Closing Price
$25.13
Day's Change
0.24 (0.96%)
Bid
--
Ask
--
B/A Size
--
Day's High
25.17
Day's Low
24.85
Volume
(Heavy Day)
Volume:
30,991

10-day average volume:
22,920
30,991

UPDATE: S&P 500 books fifth straight loss, Nasdaq sinks 2.5% as elevated bond yields weigh on tech shares

4:31 pm ET February 22, 2021 (MarketWatch)
Print

By William Watts and Sunny Oh

Dow ends 0.1% higher, after briefly trading above closing record

Stock-market benchmarks ended mostly lower Monday, while the Dow Jones Industrials benchmark eked out modest gains, amid worries that rising bond yields could render equities too expensive.

What did major indexes do?

Stocks put in a mixed performance (https://www.marketwatch.com/story/u-s-stock-market-aims-to-halt-3-session-slide-to-end-holiday-shortened-week-11613739514) last week, with the Dow rising 0.1%, while the S&P 500 booked a 0.7% fall and the tech-heavy Nasdaq Composite shed 1.7%.

What drove the market?

Long-term Treasury yields were on the climb again Monday, after last week notching their biggest rise in six weeks (https://www.marketwatch.com/story/10-year-treasury-heads-for-largest-weekly-rise-in-6-weeks-as-inflation-fears-percolate-11613741886?mod=bond-report), sapping some enthusiasm of the stock-market bulls.

Higher "risk-free" yields can make it difficult to justify high valuations for equities, as it reduces the value of their future profits to investors. In a backdrop of rising rates and faster economic growth, technology companies with rapidly increasing earnings become less attractive to investors.

"Definitely, yields are the big thing," Randy Frederick, vice president of trading and derivatives at Schwab Center for financial research, told MarketWatch, adding that investors also have been worried in recent weeks about the threat of "a big spike" in inflation.

Although, Frederick also thinks such fears are a little overblown, like the recent selloff tied to GameStop Corp. (GME), it pointed to how vulnerable stock benchmarks trading near all-time highs remain to a selloff, due to any unexpected news, or even severe weather, a year into the pandemic. "When you are a tad off record highs, inflation scares or a storm could cause a pullback," he said.

Yields have been boosted by expectations that aggressive rounds of fiscal spending on top of extraordinary loose monetary policy by the Federal Reserve will stoke near-term inflationary pressures.

"The bond market appears to be pricing in strong economic data and GDP gains ahead, driven by increased consumer and business activity, and further pushed by more expected government stimulus," said James Ragan, director of wealth management research at D.A. Davidson, in emailed comments.

Ragan, however, said the recent weakness in tech, while so-called cyclical stocks benefited, underscored more of a reflection of pent-up expectations for a reopening of the economy.

Congress is expected to pass another round of aid spending set to come in near President Joe Biden's $1.9 trillion package. Investors also were penciling in the possibility of a large, long-term round of infrastructure spending.

The rollout of vaccines and falling COVID-19 case levels also continued to stoke hope for an acceleration in economic activity this year even as the number of U.S. deaths nears a milestone of 500,000 (https://www.marketwatch.com/story/coronavirus-tally-global-cases-of-covid-19-top-1114-million-and-us-death-approaches-500000-2021-02-22).

Read:Stock-market investors are already betting on an infrastructure spending spree (https://www.marketwatch.com/story/u-s-stock-market-investors-are-already-betting-on-an-infrastructure-spending-spree-11613773663)

See: 7 reasons stocks are a buy even as bond yields climb, strategist says (https://www.marketwatch.com/story/7-reasons-stocks-are-a-buy-even-as-bond-yields-climb-strategist-says-11613996818?mod=newsviewer_click)

Rising yields and inflation worries also were seen as underlining worries over a potential hawkish turn by the Federal Reserve, even though the central bank has committed to holding off on policy changes until inflation moves above its 2% target.

"The difficulty for equity investors is that the further the Fed gets behind market forecasts both for GDP and rates, the greater the worry over a tantrum," by market participants over a potential Fed tightening, said Sean Darby, global head of strategy at Jefferies, in a note.

The Fed's deliberate efforts to displace market expectations by overshooting its 2% target should allow for further steepening of the yield curve, while real, or inflation-adjusted, rates remain negative, allowing cyclicals and companies with low variable costs to outperform, he said.

Energy shares, one of the most beaten-down sectors in Wall Street, saw strong gains on Monday. The S&P 500's energy constituents rose 3.5%, including Marathon Oil Corporation(MRO), which advanced 8.2%.

Fed Chairman Jerome Powell is set to testify before Congress on monetary policy this week.

The Conference Board said its leading economic indicators index had increased 0.5 points in January to a reading of 110.3. Economists had expected the index to show a rise of 0.4 points.

Which companies were in focus?

Which assets were on the move?

-With reporting contributed by Joy Wiltermuth

-William Watts; 415-439-6400; AskNewswires@dowjones.com

	

(END) Dow Jones Newswires

February 22, 2021 16:31 ET (21:31 GMT)

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