Principal Financial Group Inc. Purchases 3,973 Shares of Public Storage (NYSE:PSA)

Principal Financial Group Inc. lifted its holdings in Public Storage (NYSE:PSA - Free Report) by 1.9% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 214,382 shares of the real estate investment trust's stock after purchasing an additional 3,973 shares during the period. Principal Financial Group Inc. owned about 0.12% of Public Storage worth $78,007,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in PSA. Vanguard Group Inc. raised its stake in shares of Public Storage by 1.0% in the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust's stock worth $6,075,681,000 after buying an additional 217,487 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Public Storage by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust's stock valued at $1,575,794,000 after purchasing an additional 219,391 shares in the last quarter. APG Asset Management US Inc. lifted its holdings in Public Storage by 4.8% during the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust's stock valued at $623,485,000 after purchasing an additional 100,000 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Public Storage by 8.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust's stock worth $343,968,000 after purchasing an additional 95,080 shares in the last quarter. Finally, Centersquare Investment Management LLC raised its position in shares of Public Storage by 17.2% during the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust's stock valued at $343,573,000 after purchasing an additional 173,975 shares during the period. Hedge funds and other institutional investors own 78.79% of the company's stock.

Wall Street Analyst Weigh In

PSA has been the topic of a number of recent analyst reports. Scotiabank raised 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. Citigroup upped their price target on Public Storage from $303.00 to $378.00 and gave the stock a "buy" rating in a research note on Friday, August 30th. Wolfe Research upgraded shares of Public Storage to a "strong-buy" rating in a research report on Wednesday, September 4th. Morgan Stanley upped their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 2nd. Finally, Jefferies Financial Group lifted their price target on shares of Public Storage from $360.00 to $422.00 and gave the company a "buy" rating in a report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $339.71.

Public Storage Trading Up 1.9 %

Shares of Public Storage stock traded up $6.29 on Friday, reaching $339.42. The company had a trading volume of 611,198 shares, compared to its average volume of 735,101. 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 firm's 50-day moving average price is $346.94 and its two-hundred day moving average price is $311.69. The firm has a market cap of $59.44 billion, a price-to-earnings ratio of 35.25, a P/E/G ratio of 4.78 and a beta of 0.70. Public Storage has a 1 year low of $241.60 and a 1 year high of $369.99.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date is Friday, December 13th. Public Storage's payout ratio is currently 124.61%.

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.