Arjuna Capital Purchases New Holdings in Public Storage (NYSE:PSA)

Arjuna Capital bought a new stake in Public Storage (NYSE:PSA - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 13,138 shares of the real estate investment trust's stock, valued at approximately $4,781,000. Public Storage comprises approximately 1.2% of Arjuna Capital's portfolio, making the stock its 24th biggest position.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSA. Petredis Investment Advisors LLC raised its position in shares of Public Storage by 0.4% in the third quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust's stock valued at $2,497,000 after purchasing an additional 30 shares during the period. S.A. Mason LLC raised its position in shares of Public Storage by 3.8% in the third quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust's stock valued at $300,000 after purchasing an additional 30 shares during the period. Haverford Trust Co raised its position in shares of Public Storage by 0.7% in the third quarter. Haverford Trust Co now owns 4,282 shares of the real estate investment trust's stock valued at $1,558,000 after purchasing an additional 30 shares during the period. Yoder Wealth Management Inc. increased its holdings in Public Storage by 5.0% during the 3rd quarter. Yoder Wealth Management Inc. now owns 763 shares of the real estate investment trust's stock worth $278,000 after acquiring an additional 36 shares during the period. Finally, Assenagon Asset Management S.A. increased its holdings in Public Storage by 0.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust's stock worth $1,201,000 after acquiring an additional 39 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on PSA shares. Truist Financial lowered shares of Public Storage from a "buy" rating to a "hold" rating and set a $306.00 target price on the stock. in a report on Thursday, August 1st. Jefferies Financial Group raised their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a "buy" rating in a research report on Wednesday, September 18th. Scotiabank raised their price objective on shares of Public Storage from $308.00 to $339.00 and gave the company a "sector perform" rating in a research report on Thursday, August 22nd. Bank of America cut shares of Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 price objective on the stock. in a research report on Monday, August 5th. Finally, Wolfe Research upgraded shares of Public Storage to a "strong-buy" rating in a research report on Wednesday, September 4th. One investment 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 company's stock. According to MarketBeat, Public Storage currently has an average rating of "Moderate Buy" and a consensus price target of $339.64.

Public Storage Trading Up 1.4 %

Shares of PSA traded up $4.70 during trading hours on Wednesday, reaching $334.94. 713,883 shares of the company traded hands, compared to its average volume of 717,865. The company's fifty day moving average price is $346.58 and its two-hundred day moving average price is $313.10. The company has a market capitalization of $58.65 billion, a price-to-earnings ratio of 34.78, a price-to-earnings-growth ratio of 4.66 and a beta of 0.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 12 month low of $250.51 and a 12 month high of $369.99.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage's payout ratio is 124.61%.

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.