Public Sector Pension Investment Board Acquires 5,507 Shares of Public Storage (NYSE:PSA)

Public Sector Pension Investment Board raised its holdings in shares of Public Storage (NYSE:PSA) by 25.1% in the third quarter, HoldingsChannel reports. The firm owned 27,470 shares of the real estate investment trust’s stock after buying an additional 5,507 shares during the quarter. Public Sector Pension Investment Board’s holdings in Public Storage were worth $9,996,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Public Storage by 2.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 105,014 shares of the real estate investment trust’s stock worth $38,211,000 after purchasing an additional 2,330 shares during the period. CreativeOne Wealth LLC bought a new position in Public Storage in the third quarter worth about $248,000. Townsquare Capital LLC lifted its holdings in Public Storage by 42.6% in the third quarter. Townsquare Capital LLC now owns 3,981 shares of the real estate investment trust’s stock worth $1,449,000 after buying an additional 1,189 shares during the period. BNP Paribas Financial Markets boosted its position in Public Storage by 80.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 218,867 shares of the real estate investment trust’s stock valued at $79,639,000 after acquiring an additional 97,302 shares in the last quarter. Finally, Shum Financial Group Inc. purchased a new position in shares of Public Storage during the 3rd quarter worth approximately $728,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

PSA stock opened at $351.36 on Friday. The stock has a market capitalization of $61.53 billion, a PE ratio of 36.49, a price-to-earnings-growth ratio of 5.84 and a beta of 0.70. The stock’s 50 day simple moving average is $343.04 and its 200 day simple moving average is $318.52. Public Storage has a 12-month low of $253.98 and a 12-month high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a $3.00 dividend. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.42%. Public Storage’s payout ratio is 124.61%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wells Fargo & Company lowered their target price on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Jefferies Financial Group upped their target price on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Evercore ISI lowered their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Finally, Royal Bank of Canada cut their price objective on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $339.64.

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.