OVERSEA CHINESE BANKING Corp Ltd trimmed its position in Public Storage (NYSE:PSA - Free Report) by 44.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,737 shares of the real estate investment trust's stock after selling 19,038 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Public Storage were worth $8,637,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Petredis Investment Advisors LLC increased its holdings 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 valued at $2,497,000 after purchasing an additional 30 shares in the last quarter. S.A. Mason LLC grew its stake in 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 acquiring an additional 30 shares during the last quarter. Yoder Wealth Management Inc. grew its stake in Public Storage by 5.0% in the 3rd quarter. Yoder Wealth Management Inc. now owns 763 shares of the real estate investment trust's stock valued at $278,000 after acquiring an additional 36 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in Public Storage by 0.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust's stock valued at $1,201,000 after acquiring an additional 39 shares during the last quarter. Finally, Rise Advisors LLC grew its stake in Public Storage by 3.4% in the 3rd quarter. Rise Advisors LLC now owns 1,275 shares of the real estate investment trust's stock valued at $464,000 after acquiring an additional 42 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of brokerages recently commented on PSA. Bank of America cut shares of Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 price objective on the stock. in a research note on Monday, August 5th. Wells Fargo & Company lowered their price objective on shares of Public Storage from $375.00 to $365.00 and set an "overweight" rating on the stock in a research note on Tuesday, November 5th. Wolfe Research raised shares of Public Storage to a "strong-buy" rating in a research note on Wednesday, September 4th. Citigroup raised their price target on shares of Public Storage from $303.00 to $378.00 and gave the stock a "buy" rating in a research note on Friday, August 30th. Finally, Truist Financial cut shares of Public Storage from a "buy" rating to a "hold" rating and set a $306.00 price target on the stock. in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $339.64.
Read Our Latest Stock Report on PSA
Public Storage Price Performance
Shares of NYSE:PSA traded down $6.42 during trading on Tuesday, reaching $330.48. 491,818 shares of the company traded hands, compared to its average volume of 715,729. The company's 50 day moving average is $346.80 and its two-hundred day moving average is $312.59. The firm has a market capitalization of $57.87 billion, a PE ratio of 34.67, a PEG ratio of 4.78 and a beta of 0.70. 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 $241.60 and a 52 week high of $369.99.
Public Storage Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.63%. Public Storage's dividend payout ratio is currently 124.61%.
Public Storage Company Profile
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Free Report)
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.
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