Public Storage (NYSE:PSA) Shares Acquired by National Bank of Canada FI

National Bank of Canada FI grew its position in shares of Public Storage (NYSE:PSA - Free Report) by 6.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 83,545 shares of the real estate investment trust's stock after acquiring an additional 5,357 shares during the quarter. National Bank of Canada FI's holdings in Public Storage were worth $30,399,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Petredis Investment Advisors LLC grew its stake in shares of Public Storage by 0.4% in the 3rd quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust's stock worth $2,497,000 after buying an additional 30 shares in the last quarter. S.A. Mason LLC lifted its stake in shares of Public Storage by 3.8% in the 3rd quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust's stock valued at $300,000 after purchasing an additional 30 shares during the last quarter. Haverford Trust Co increased its position in shares of Public Storage by 0.7% during the 3rd quarter. Haverford Trust Co now owns 4,282 shares of the real estate investment trust's stock valued at $1,558,000 after purchasing an additional 30 shares during the last quarter. Huntington National Bank raised its holdings in Public Storage by 5.4% during the 3rd quarter. Huntington National Bank now owns 645 shares of the real estate investment trust's stock valued at $235,000 after buying an additional 33 shares during the period. Finally, Chesapeake Wealth Management lifted its position in Public Storage by 2.2% in the third quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust's stock worth $560,000 after buying an additional 33 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Price Performance

Shares of PSA stock traded up $1.67 during mid-day trading on Monday, hitting $335.67. 570,597 shares of the stock were exchanged, compared to its average volume of 712,818. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The firm has a fifty day moving average of $339.82 and a 200 day moving average of $321.73. The company has a market cap of $58.78 billion, a PE ratio of 34.86, a price-to-earnings-growth ratio of 5.56 and a beta of 0.71.

Public Storage Dividend Announcement

The firm 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 annualized dividend and a dividend yield of 3.57%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage's payout ratio is 124.61%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Royal Bank of Canada cut 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. Jefferies Financial Group increased their price target on Public Storage from $360.00 to $422.00 and gave the stock a "buy" rating in a report on Wednesday, September 18th. Truist Financial upped their price objective on Public Storage from $306.00 to $340.00 and gave the company a "hold" rating in a research report on Thursday. Morgan Stanley increased their target price on Public Storage from $293.00 to $315.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 2nd. Finally, Citigroup boosted their target price on shares of Public Storage from $303.00 to $378.00 and gave the company a "buy" rating in a research note on Friday, August 30th. 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 issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $342.07.

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.