Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of Public Storage (NYSE:PSA - Free Report) by 6.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 796,464 shares of the real estate investment trust's stock after selling 52,001 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.46% of Public Storage worth $289,809,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Public Storage by 1.0% during 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 purchasing an additional 217,487 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 worth $1,575,794,000 after buying an additional 219,391 shares in the last quarter. APG Asset Management US Inc. raised its holdings in Public Storage by 4.8% in the 2nd 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 buying an additional 100,000 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in Public Storage by 8.6% during the 2nd 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 buying an additional 95,080 shares during the period. Finally, Centersquare Investment Management LLC boosted its stake in shares of Public Storage by 17.2% in 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 last quarter. 78.79% of the stock is owned by institutional investors.
Public Storage Stock Performance
NYSE PSA traded down $5.05 during trading hours on Tuesday, hitting $331.85. The company had a trading volume of 569,890 shares, compared to its average volume of 716,086. Public Storage has a 1-year low of $241.60 and a 1-year high of $369.99. The company has a market cap of $58.11 billion, a PE ratio of 34.67, a price-to-earnings-growth ratio of 4.78 and a beta of 0.70. The business has a 50 day moving average of $346.80 and a 200-day moving average of $312.59. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.
Public Storage Dividend Announcement
The company also recently declared 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. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.62%. Public Storage's dividend payout ratio is currently 124.61%.
Analyst Ratings Changes
Several equities research analysts recently issued reports on the company. Bank of America downgraded Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 price target for the company. in a report on Monday, August 5th. Wolfe Research upgraded shares of Public Storage to a "strong-buy" rating in a research note on Wednesday, September 4th. Truist Financial lowered shares of Public Storage from a "buy" rating to a "hold" rating and set a $306.00 price objective for the company. in a report on Thursday, August 1st. Scotiabank raised their price target on Public Storage from $308.00 to $339.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 22nd. Finally, Barclays reduced their price objective on Public Storage from $381.00 to $380.00 and set an "overweight" rating for the company in a research report on Tuesday. 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 assigned a strong buy rating to the company. According to data from MarketBeat, Public Storage has an average rating of "Moderate Buy" and an average target price of $339.64.
Check Out Our Latest Analysis on Public Storage
About Public Storage
(
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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