Adelante Capital Management LLC Boosts Stock Holdings in Public Storage (NYSE:PSA)

Adelante Capital Management LLC boosted its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 389.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,463,338 shares of the real estate investment trust's stock after purchasing an additional 1,164,630 shares during the quarter. Public Storage makes up approximately 24.1% of Adelante Capital Management LLC's holdings, making the stock its largest holding. Adelante Capital Management LLC owned about 0.84% of Public Storage worth $532,465,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Edgestream Partners L.P. raised its stake in Public Storage by 17.8% during the third quarter. Edgestream Partners L.P. now owns 7,732 shares of the real estate investment trust's stock worth $2,813,000 after acquiring an additional 1,166 shares during the period. L.M. Kohn & Company bought a new position in shares of Public Storage during the third quarter valued at approximately $235,000. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Public Storage by 226.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 130,001 shares of the real estate investment trust's stock worth $47,303,000 after purchasing an additional 90,176 shares during the period. Fred Alger Management LLC bought a new stake in shares of Public Storage in the 3rd quarter worth approximately $1,568,000. Finally, Walleye Capital LLC acquired a new position in Public Storage during the 3rd quarter valued at approximately $262,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PSA has been the subject of a number of analyst reports. Jefferies Financial Group boosted their target price on shares of Public Storage from $360.00 to $422.00 and gave the company a "buy" rating in a research note on Wednesday, September 18th. Scotiabank increased their price objective on Public Storage from $308.00 to $339.00 and gave the stock a "sector perform" rating in a report on Thursday, August 22nd. Bank of America downgraded Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 target price on the stock. in a research note on Monday, August 5th. Wells Fargo & Company decreased their price target 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. 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 research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage currently has a consensus rating of "Moderate Buy" and a consensus price target of $339.64.

Public Storage Stock Performance

Shares of PSA traded down $3.31 during mid-day trading on Friday, reaching $348.05. The company's stock had a trading volume of 690,998 shares, compared to its average volume of 733,152. 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 $255.78 and a 1-year high of $369.99. The business has a 50-day simple moving average of $342.76 and a two-hundred day simple moving average of $319.29. The stock has a market cap of $60.95 billion, a P/E ratio of 36.14, a PEG ratio of 5.79 and a beta of 0.70.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.45%. Public Storage's dividend payout ratio is presently 124.61%.

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.