CIBC Asset Management Inc Acquires 1,665 Shares of Public Storage (NYSE:PSA)

CIBC Asset Management Inc grew its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 7.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,769 shares of the real estate investment trust's stock after acquiring an additional 1,665 shares during the period. CIBC Asset Management Inc's holdings in Public Storage were worth $8,649,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Ashton Thomas Securities LLC bought a new stake in Public Storage in the third quarter worth approximately $38,000. OFI Invest Asset Management acquired a new stake in Public Storage in the second quarter worth $32,000. Opal Wealth Advisors LLC bought a new stake in Public Storage in the second quarter valued at $36,000. Crewe Advisors LLC bought a new position in shares of Public Storage during the 1st quarter worth about $39,000. Finally, EdgeRock Capital LLC acquired a new stake in shares of Public Storage in the 2nd quarter valued at about $39,000. 78.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on PSA shares. Barclays cut their price target on Public Storage from $381.00 to $380.00 and set an "overweight" rating on the stock in a report on Tuesday, November 12th. Bank of America downgraded shares of Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 price objective on the stock. in a report on Monday, August 5th. Truist Financial cut shares of Public Storage from a "buy" rating to a "hold" rating and set a $306.00 price objective for the company. in a report on Thursday, August 1st. Morgan Stanley upped their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 2nd. Finally, Jefferies Financial Group lifted their price target on Public Storage from $360.00 to $422.00 and gave the company a "buy" rating in a research note on Wednesday, September 18th. One equities research 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's stock. According to data from MarketBeat.com, Public Storage currently has a consensus rating of "Moderate Buy" and an average target price of $339.64.

Public Storage Stock Performance

Shares of Public Storage stock traded up $3.22 during trading hours on Friday, hitting $335.01. 599,460 shares of the company's stock traded hands, compared to its average volume of 791,706. The stock has a market capitalization of $58.66 billion, a price-to-earnings ratio of 34.79, a PEG ratio of 5.57 and a beta of 0.70. The company has a fifty day simple moving average of $345.99 and a 200-day simple moving average of $314.26. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 12-month low of $251.49 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 given 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 is Friday, December 13th. 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.