Geode Capital Management LLC Boosts Stock Position in Public Storage (NYSE:PSA)

Geode Capital Management LLC grew its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 1.4% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,931,572 shares of the real estate investment trust's stock after buying an additional 52,807 shares during the period. Geode Capital Management LLC owned approximately 2.25% of Public Storage worth $1,425,941,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Dynamic Advisor Solutions LLC lifted its holdings in shares of Public Storage by 13.1% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 4,251 shares of the real estate investment trust's stock worth $1,223,000 after purchasing an additional 494 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in Public Storage by 22.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 5,932 shares of the real estate investment trust's stock worth $1,706,000 after purchasing an additional 1,083 shares in the last quarter. Diversified Trust Co raised its stake in shares of Public Storage by 22.5% in the second quarter. Diversified Trust Co now owns 850 shares of the real estate investment trust's stock worth $245,000 after purchasing an additional 156 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Public Storage by 8.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 98,737 shares of the real estate investment trust's stock valued at $28,402,000 after purchasing an additional 7,632 shares in the last quarter. Finally, V Square Quantitative Management LLC grew its holdings in Public Storage by 6.9% during the second quarter. V Square Quantitative Management LLC now owns 1,174 shares of the real estate investment trust's stock worth $338,000 after buying an additional 76 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Price Performance

PSA traded down $4.63 during trading on Wednesday, reaching $323.36. The stock had a trading volume of 923,356 shares, compared to its average volume of 714,327. 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 business has a 50-day moving average of $339.18 and a 200-day moving average of $322.12. Public Storage has a one year low of $256.31 and a one year high of $369.99. The stock has a market cap of $56.62 billion, a PE ratio of 33.62, a PEG ratio of 5.56 and a beta of 0.71.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $3.00 per share. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.71%. Public Storage's payout ratio is 124.61%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Wells Fargo & Company lowered their target price on shares of Public Storage from $375.00 to $365.00 and set an "overweight" rating for the company in a report on Tuesday, November 5th. Scotiabank increased their price target on Public Storage from $308.00 to $339.00 and gave the company a "sector perform" rating in a research report on Thursday, August 22nd. Barclays decreased their target price on Public Storage from $381.00 to $380.00 and set an "overweight" rating for the company in a research report on Tuesday, November 12th. Royal Bank of Canada lowered their price objective on shares of Public Storage from $358.00 to $344.00 and set a "sector perform" rating on the stock in a research report on Friday, November 8th. Finally, Jefferies Financial Group increased their target price 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Public Storage presently has an average rating of "Moderate Buy" and a consensus price target of $342.07.

About Public Storage

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.