Waddell & Associates LLC Boosts Stock Holdings in Public Storage (NYSE:PSA)

Waddell & Associates LLC lifted its holdings in Public Storage (NYSE:PSA) by 2.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 3,004 shares of the real estate investment trust’s stock after purchasing an additional 69 shares during the period. Waddell & Associates LLC’s holdings in Public Storage were worth $1,093,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PSA. Price T Rowe Associates Inc. MD lifted its holdings in Public Storage by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after buying an additional 219,391 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Public Storage by 2.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust’s stock worth $1,023,080,000 after acquiring an additional 54,992 shares in the last quarter. APG Asset Management US Inc. lifted its stake in shares of Public Storage by 4.8% during the 2nd quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock worth $623,485,000 after purchasing an additional 100,000 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in Public Storage by 8.6% during the second quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock valued at $343,968,000 after purchasing an additional 95,080 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its stake in Public Storage by 9.7% in the second quarter. Daiwa Securities Group Inc. now owns 707,952 shares of the real estate investment trust’s stock valued at $203,642,000 after purchasing an additional 62,784 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

Public Storage Price Performance

Shares of NYSE PSA opened at $337.62 on Friday. Public Storage has a 52 week low of $251.49 and a 52 week high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a market cap of $59.12 billion, a P/E ratio of 35.06, a P/E/G ratio of 5.59 and a beta of 0.70. The business’s 50 day moving average price is $343.82 and its 200 day moving average price is $316.39.

Public Storage Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 3.55%. Public Storage’s payout ratio is currently 124.61%.

Analyst Upgrades and Downgrades

Several analysts have commented on PSA shares. Barclays decreased their price target on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research report on Thursday, August 1st. Evercore ISI lowered their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Wells Fargo & Company reduced their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Finally, 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 research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus 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.