Public Storage (NYSE:PSA) Shares Acquired by Cerity Partners LLC

Cerity Partners LLC increased its stake in shares of Public Storage (NYSE:PSA - Free Report) by 18.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,566 shares of the real estate investment trust's stock after purchasing an additional 4,961 shares during the quarter. Cerity Partners LLC's holdings in Public Storage were worth $11,850,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. AQR Capital Management LLC lifted its position in shares of Public Storage by 116.7% during the second quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust's stock valued at $111,077,000 after buying an additional 208,546 shares during the last quarter. Panagora Asset Management Inc. raised its position in shares of Public Storage by 1,980.9% in the 2nd quarter. Panagora Asset Management Inc. now owns 144,185 shares of the real estate investment trust's stock valued at $41,475,000 after purchasing an additional 137,256 shares during the last quarter. APG Asset Management US Inc. grew its position in 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. Strategic Financial Concepts LLC purchased a new stake in Public Storage during the 2nd quarter worth approximately $278,000. Finally, KBC Group NV increased its stake in Public Storage by 54.1% during the 3rd quarter. KBC Group NV now owns 274,707 shares of the real estate investment trust's stock valued at $99,958,000 after purchasing an additional 96,494 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PSA has been the topic of a number of research analyst reports. Truist Financial lowered shares of Public Storage from a "buy" rating to a "hold" rating and set a $306.00 price objective on the stock. in a report on Thursday, August 1st. Royal Bank of Canada dropped their price target on 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. Morgan Stanley raised their price objective on Public Storage from $293.00 to $315.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 2nd. Citigroup upped their target price on Public Storage from $303.00 to $378.00 and gave the company a "buy" rating in a research report on Friday, August 30th. Finally, Wells Fargo & Company cut their price target on shares of Public Storage from $375.00 to $365.00 and set an "overweight" rating on the stock in a report on Tuesday, November 5th. One equities 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 issued a strong buy rating to the company. Based on data from MarketBeat, Public Storage presently has a consensus rating of "Moderate Buy" and a consensus target price of $339.64.

Public Storage Price Performance

Shares of NYSE PSA opened at $350.04 on Wednesday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a fifty day moving average of $343.37 and a 200 day moving average of $318.06. The firm has a market cap of $61.30 billion, a PE ratio of 36.35, a PEG ratio of 5.78 and a beta of 0.70. Public Storage has a one year low of $252.96 and a one year 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. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.43%. Public Storage's dividend payout ratio is currently 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.