Public Sector Pension Investment Board Raises Stake in Public Storage (NYSE:PSA)

Public Sector Pension Investment Board raised its stake in shares of Public Storage (NYSE:PSA) by 25.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor 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 reporting period.

A number of other hedge funds have also added to or reduced their stakes in PSA. FMR LLC grew its stake in Public Storage by 20.9% during the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after acquiring an additional 869,066 shares in the last quarter. Daiwa Securities Group Inc. grew its position in shares of Public Storage by 57.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock valued at $405,278,000 after purchasing an additional 405,847 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Public Storage by 116.7% in the second quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock worth $111,077,000 after purchasing an additional 208,546 shares during the period. Panagora Asset Management Inc. raised its position in shares of Public Storage by 1,980.9% in the second quarter. Panagora Asset Management Inc. now owns 144,185 shares of the real estate investment trust’s stock worth $41,475,000 after buying an additional 137,256 shares in the last quarter. Finally, APG Asset Management US Inc. boosted its stake in Public Storage by 4.8% during the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock valued at $623,485,000 after buying an additional 100,000 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 0.4 %

NYSE PSA opened at $351.36 on Friday. The firm has a market cap 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. Public Storage has a 1-year low of $253.98 and a 1-year high of $369.99. The stock has a 50-day moving average of $343.04 and a 200-day moving average of $318.52. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given 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 currently 124.61%.

Analyst Upgrades and Downgrades

PSA has been the topic of a number of research analyst reports. Wells Fargo & Company decreased their target price on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Scotiabank upped their price objective on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research note on Thursday, August 1st. Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a research note on Monday, August 5th. Finally, Morgan Stanley raised their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price 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.