Commerce Bank Purchases 8,654 Shares of Public Storage (NYSE:PSA)

Commerce Bank grew its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 16.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 62,401 shares of the real estate investment trust's stock after purchasing an additional 8,654 shares during the quarter. Commerce Bank's holdings in Public Storage were worth $22,706,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Canada Pension Plan Investment Board increased its holdings in shares of Public Storage by 34.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust's stock worth $319,270,000 after purchasing an additional 281,800 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of 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 valued at $1,575,794,000 after purchasing an additional 219,391 shares during the period. AQR Capital Management LLC raised its stake in shares of Public Storage by 116.7% in 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 purchasing an additional 208,546 shares in the last quarter. Panagora Asset Management Inc. lifted its position in Public Storage by 1,980.9% in the second quarter. Panagora Asset Management Inc. now owns 144,185 shares of the real estate investment trust's stock worth $41,475,000 after purchasing an additional 137,256 shares during the period. Finally, APG Asset Management US Inc. boosted its stake in Public Storage by 4.8% during the second 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 buying an additional 100,000 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PSA shares. Scotiabank lifted their price target on shares of Public Storage from $308.00 to $339.00 and gave the company a "sector perform" rating in a report on Thursday, August 22nd. Barclays reduced their target price on Public Storage from $381.00 to $380.00 and set an "overweight" rating on the stock in a report on Tuesday, November 12th. Jefferies Financial Group lifted their price objective on Public Storage from $360.00 to $422.00 and gave the company a "buy" rating in a research report on Wednesday, September 18th. Royal Bank of Canada lowered their target price on Public Storage from $358.00 to $344.00 and set a "sector perform" rating for the company in a research note on Friday, November 8th. Finally, Wolfe Research upgraded shares of Public Storage to a "strong-buy" rating in a research report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Public Storage has an average rating of "Moderate Buy" and a consensus target price of $339.64.

Public Storage Stock Down 0.5 %

PSA opened at $332.86 on Thursday. Public Storage has a fifty-two week low of $251.49 and a fifty-two week high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company's 50-day moving average is $344.69 and its 200 day moving average is $315.76. The firm has a market capitalization of $58.29 billion, a P/E ratio of 34.56, a PEG ratio of 5.56 and a beta of 0.70.

Public Storage Announces Dividend

The company also recently declared 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 is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.61%. 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.