National Pension Service Purchases 44,612 Shares of Public Storage (NYSE:PSA)

National Pension Service boosted its position in Public Storage (NYSE:PSA) by 12.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 410,515 shares of the real estate investment trust’s stock after purchasing an additional 44,612 shares during the quarter. National Pension Service’s holdings in Public Storage were worth $149,374,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Centersquare Investment Management LLC boosted its stake in Public Storage by 17.2% in the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after purchasing an additional 173,975 shares during the period. Manning & Napier Advisors LLC bought a new stake in shares of Public Storage during the 2nd quarter valued at $14,301,000. Allspring Global Investments Holdings LLC lifted its position in shares of Public Storage by 1.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock valued at $51,762,000 after acquiring an additional 2,605 shares during the period. PGGM Investments lifted its position in shares of Public Storage by 8.0% during the 2nd quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after acquiring an additional 12,396 shares during the period. Finally, Swedbank AB bought a new stake in shares of Public Storage during the 1st quarter valued at $17,465,000. 78.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on PSA shares. Scotiabank upped their target price on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Royal Bank of Canada began coverage on Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 target price for the company. 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 research report on Wednesday, September 18th. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a research report on Thursday, August 1st. Finally, Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research report on Monday, August 5th. One equities research 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $341.43.

Public Storage Trading Up 2.7 %

Shares of PSA stock opened at $332.56 on Tuesday. The stock has a market cap of $58.20 billion, a price-to-earnings ratio of 34.53, a PEG ratio of 4.56 and a beta of 0.70. The stock has a 50-day moving average of $347.55 and a 200-day moving average of $309.98. 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 has a 1-year low of $241.60 and a 1-year 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. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.61%. Public Storage’s payout ratio is 124.61%.

Public Storage Company 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.