National Pension Service Boosts Stock Position in Public Storage (NYSE:PSA)

National Pension Service raised its stake in shares of Public Storage (NYSE:PSA - Free Report) by 12.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 410,515 shares of the real estate investment trust's stock after purchasing an additional 44,612 shares during the quarter. National Pension Service owned 0.23% of Public Storage worth $149,374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of PSA. OFI Invest Asset Management bought a new stake in shares of Public Storage in the 2nd quarter worth approximately $32,000. Opal Wealth Advisors LLC purchased a new stake in Public Storage during the second quarter valued at about $36,000. Crewe Advisors LLC bought a new position in shares of Public Storage during the first quarter valued at about $39,000. EdgeRock Capital LLC purchased a new position in shares of Public Storage in the second quarter worth about $39,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in shares of Public Storage in the 3rd quarter valued at about $50,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Stock Up 2.4 %

NYSE:PSA traded up $8.04 during trading hours on Tuesday, reaching $340.60. 626,404 shares of the company traded hands, compared to its average volume of 711,718. Public Storage has a 1 year low of $241.60 and a 1 year high of $369.99. The stock has a market capitalization of $59.61 billion, a P/E ratio of 34.69, a P/E/G ratio of 4.56 and a beta of 0.70. The business's 50-day moving average price is $347.55 and its two-hundred day moving average price is $309.98. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The company 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 $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.52%. Public Storage's dividend payout ratio is presently 124.61%.

Analyst Ratings Changes

PSA has been the topic of a number of analyst reports. Wells Fargo & Company decreased their price target on Public Storage from $375.00 to $365.00 and set an "overweight" rating on the stock in a research note on Tuesday. Evercore ISI lowered their price objective on shares of Public Storage from $343.00 to $338.00 and set an "in-line" rating for the company in a research note on Monday, October 14th. Scotiabank boosted their price target on Public Storage from $308.00 to $339.00 and gave the company a "sector perform" rating in a report on Thursday, August 22nd. Royal Bank of Canada assumed coverage on Public Storage in a report on Tuesday, September 10th. They issued a "sector perform" rating and a $358.00 price objective for the company. Finally, Jefferies Financial Group raised their price target on Public Storage from $360.00 to $422.00 and gave the stock a "buy" rating in a research note on Wednesday, September 18th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $340.71.

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.