Commerce Bank Buys 8,654 Shares of Public Storage (NYSE:PSA)

Commerce Bank lifted its stake in shares of Public Storage (NYSE:PSA) by 16.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 62,401 shares of the real estate investment trust’s stock after purchasing an additional 8,654 shares during the quarter. Commerce Bank’s holdings in Public Storage were worth $22,706,000 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. Manning & Napier Advisors LLC bought a new position in Public Storage in the 2nd quarter worth about $14,301,000. Allspring Global Investments Holdings LLC increased its stake in Public Storage by 1.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock worth $51,762,000 after acquiring an additional 2,605 shares during the last quarter. PGGM Investments boosted its holdings in shares of Public Storage by 8.0% in the 2nd quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock worth $48,162,000 after purchasing an additional 12,396 shares in the last quarter. Swedbank AB purchased a new position in shares of Public Storage in the 1st quarter worth about $17,465,000. Finally, Massmutual Trust Co. FSB ADV boosted its holdings in shares of Public Storage by 15.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 20,566 shares of the real estate investment trust’s stock worth $5,916,000 after purchasing an additional 2,770 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PSA. Evercore ISI cut their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a report on Monday, August 5th. Morgan Stanley upped their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Jefferies Financial Group upped their price objective on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Finally, Wolfe Research upgraded Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $339.64.

Public Storage Trading Down 0.5 %

NYSE PSA opened at $332.86 on Thursday. Public Storage has a fifty-two week low of $251.49 and a fifty-two week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a 50 day simple moving average of $344.69 and a two-hundred day simple moving average of $315.76. The stock has a market cap of $58.29 billion, a P/E ratio of 34.56, a price-to-earnings-growth ratio of 5.56 and a beta of 0.70.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.61%. The ex-dividend date is Friday, December 13th. Public Storage’s dividend payout ratio is currently 124.61%.

Public Storage Profile

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.