Pacer Advisors Inc. Reduces Stock Position in Public Storage (NYSE:PSA)

Pacer Advisors Inc. reduced its holdings in shares of Public Storage (NYSE:PSA) by 11.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 103,973 shares of the real estate investment trust’s stock after selling 13,476 shares during the quarter. Pacer Advisors Inc. owned 0.06% of Public Storage worth $37,833,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. OFI Invest Asset Management bought a new stake in shares of Public Storage in the 2nd quarter worth about $32,000. Prospera Private Wealth LLC acquired a new position in Public Storage in the third quarter worth about $34,000. Opal Wealth Advisors LLC bought a new stake in Public Storage in the second quarter valued at about $36,000. Ashton Thomas Securities LLC acquired a new stake in Public Storage during the third quarter valued at approximately $38,000. Finally, EdgeRock Capital LLC bought a new position in Public Storage during the 2nd quarter worth approximately $39,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Performance

PSA stock opened at $337.62 on Friday. The company has a 50-day simple moving average of $343.82 and a 200 day simple moving average of $316.39. The company has a market capitalization of $59.12 billion, a P/E ratio of 35.06, a PEG ratio of 5.59 and a beta of 0.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a fifty-two week low of $251.49 and a fifty-two week high of $369.99.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio is currently 124.61%.

Analyst Ratings Changes

PSA has been the subject of a number of research analyst reports. Barclays lowered their price target on Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a report on Tuesday, November 12th. Wells Fargo & Company lowered their target price on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research report on Monday, August 5th. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Evercore ISI dropped their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $339.64.

About Public Storage

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.