Fred Alger Management LLC Purchases Shares of 4,310 Public Storage (NYSE:PSA)

Fred Alger Management LLC purchased a new position in Public Storage (NYSE:PSA - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,310 shares of the real estate investment trust's stock, valued at approximately $1,568,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of PSA. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Public Storage by 732.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust's stock worth $561,763,000 after buying an additional 1,358,493 shares during the period. FMR LLC boosted its stake in shares of Public Storage by 20.9% in the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust's stock worth $1,828,763,000 after acquiring an additional 869,066 shares during the period. Daiwa Securities Group Inc. grew its position in shares of Public Storage by 57.3% during the third quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust's stock worth $405,278,000 after purchasing an additional 405,847 shares in the last quarter. AQR Capital Management LLC raised its stake in Public Storage by 116.7% during the 2nd 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 during the period. Finally, Panagora Asset Management Inc. lifted its holdings in 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 worth $41,475,000 after purchasing an additional 137,256 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Trading Down 1.2 %

Shares of PSA traded down $4.06 during mid-day trading on Monday, reaching $343.99. 709,941 shares of the company's stock traded hands, compared to its average volume of 714,839. Public Storage has a 12 month low of $256.31 and a 12 month 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 stock has a market cap of $60.24 billion, a P/E ratio of 35.73, a P/E/G ratio of 5.79 and a beta of 0.70. The stock's 50-day moving average is $342.76 and its two-hundred day moving average is $319.51.

Public Storage Dividend Announcement

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 3.49%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage's dividend payout ratio is currently 124.61%.

Wall Street Analyst Weigh In

PSA has been the subject of a number of research analyst reports. Barclays cut their price objective on shares of Public Storage from $381.00 to $380.00 and set an "overweight" rating for the company in a report on Tuesday, November 12th. Morgan Stanley boosted their price target on shares of Public Storage from $293.00 to $315.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 2nd. Jefferies Financial Group lifted their target price on Public Storage from $360.00 to $422.00 and gave the stock a "buy" rating in a report on Wednesday, September 18th. Citigroup increased their price target on Public Storage from $303.00 to $378.00 and gave the company a "buy" rating in a research note on Friday, August 30th. Finally, Wolfe Research raised Public Storage to a "strong-buy" rating in a research note on Wednesday, September 4th. One 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 MarketBeat.com, Public Storage has an average rating of "Moderate Buy" and a consensus target price of $339.64.

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.