Glenmede Trust Co. NA Sells 4,857 Shares of Public Storage (NYSE:PSA)

Glenmede Trust Co. NA reduced its stake in shares of Public Storage (NYSE:PSA - Free Report) by 58.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,424 shares of the real estate investment trust's stock after selling 4,857 shares during the quarter. Glenmede Trust Co. NA's holdings in Public Storage were worth $1,246,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in PSA. Atria Investments Inc raised its stake in Public Storage by 1.1% during the 1st quarter. Atria Investments Inc now owns 5,732 shares of the real estate investment trust's stock valued at $1,663,000 after purchasing an additional 61 shares during the last quarter. Transcend Capital Advisors LLC bought a new position in shares of Public Storage in the second quarter valued at about $209,000. GAMMA Investing LLC lifted its position in shares of Public Storage by 67.7% during the second quarter. GAMMA Investing LLC now owns 1,107 shares of the real estate investment trust's stock worth $318,000 after purchasing an additional 447 shares in the last quarter. DNB Asset Management AS boosted its position in Public Storage by 6.5% in the 2nd quarter. DNB Asset Management AS now owns 27,023 shares of the real estate investment trust's stock valued at $7,773,000 after buying an additional 1,640 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Public Storage in the second quarter worth about $186,000. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Trading Down 1.2 %

Shares of PSA traded down $4.06 during trading hours on Monday, hitting $343.99. 709,941 shares of the stock were exchanged, compared to its average volume of 714,839. The firm has a market capitalization of $60.24 billion, a P/E ratio of 35.73, a price-to-earnings-growth ratio of 5.79 and a beta of 0.70. 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 business has a 50-day moving average of $342.76 and a 200-day moving average of $319.51. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99.

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 paid a dividend of $3.00 per share. The ex-dividend date is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.49%. Public Storage's dividend payout ratio (DPR) is presently 124.61%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on PSA shares. Barclays reduced their price target on shares of Public Storage from $381.00 to $380.00 and set an "overweight" rating on the stock in a research report on Tuesday, November 12th. Bank of America cut Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 price objective for the company. in a report on Monday, August 5th. Evercore ISI lowered their target price on shares of Public Storage from $343.00 to $338.00 and set an "in-line" rating on the stock in a report on Monday, October 14th. 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 research note on Wednesday, September 18th. Finally, Royal Bank of Canada lowered their price target on shares of Public Storage from $358.00 to $344.00 and set a "sector perform" rating on the stock in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average 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.