Oppenheimer Asset Management Inc. Purchases 1,782 Shares of Public Storage (NYSE:PSA)

Oppenheimer Asset Management Inc. increased its stake in Public Storage (NYSE:PSA - Free Report) by 31.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,360 shares of the real estate investment trust's stock after purchasing an additional 1,782 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Public Storage were worth $2,678,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its position 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 valued at $1,575,794,000 after buying an additional 219,391 shares during the period. APG Asset Management US Inc. grew its position 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 worth $623,485,000 after buying an additional 100,000 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of 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 valued at $343,968,000 after acquiring an additional 95,080 shares during the last quarter. Clearbridge Investments LLC grew its holdings in shares of Public Storage by 0.3% during the first quarter. Clearbridge Investments LLC now owns 863,999 shares of the real estate investment trust's stock worth $250,612,000 after purchasing an additional 2,971 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its position in shares of Public Storage by 9.7% in the second quarter. Daiwa Securities Group Inc. now owns 707,952 shares of the real estate investment trust's stock worth $203,642,000 after purchasing an additional 62,784 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

Public Storage Trading Up 1.0 %

Shares of NYSE PSA traded up $3.22 during trading hours on Friday, hitting $335.01. The company's stock had a trading volume of 599,460 shares, compared to its average volume of 791,706. Public Storage has a 12 month low of $251.49 and a 12 month high of $369.99. The stock has a market cap of $58.66 billion, a price-to-earnings ratio of 34.79, a P/E/G ratio of 5.57 and a beta of 0.70. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The business has a 50-day simple moving average of $345.99 and a 200-day simple moving average of $314.26.

Public Storage Dividend Announcement

The business 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 $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage's dividend payout ratio (DPR) is currently 124.61%.

Analyst Ratings Changes

A number of research firms have commented on PSA. Truist Financial cut shares of Public Storage from a "buy" rating to a "hold" rating and set a $306.00 price target for the company. in a research note on Thursday, August 1st. Citigroup increased their target price on Public Storage from $303.00 to $378.00 and gave the company a "buy" rating in a research note on Friday, August 30th. Morgan Stanley lifted their price target 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. Royal Bank of Canada dropped their target price on Public Storage from $358.00 to $344.00 and set a "sector perform" rating for the company in a research report on Friday, November 8th. Finally, Bank of America cut shares of Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 price target on the stock. in a research report on Monday, August 5th. One equities 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 stock. According to MarketBeat.com, Public Storage presently has an average rating of "Moderate Buy" and a consensus price target of $339.64.

About Public Storage

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.