Harvest Portfolios Group Inc. Increases Holdings in Public Storage (NYSE:PSA)

Harvest Portfolios Group Inc. raised its stake in Public Storage (NYSE:PSA - Free Report) by 141.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,225 shares of the real estate investment trust's stock after purchasing an additional 2,473 shares during the quarter. Harvest Portfolios Group Inc.'s holdings in Public Storage were worth $1,537,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. 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 purchasing an additional 217,487 shares during the last quarter. 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 acquiring an additional 219,391 shares during the last quarter. APG Asset Management US Inc. increased its position in shares of 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 acquiring an additional 100,000 shares during the last quarter. Canada Pension Plan Investment Board increased its position in shares of Public Storage by 8.6% during the second 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. Finally, Centersquare Investment Management LLC increased its position in shares of Public Storage by 17.2% during the first 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 acquiring an additional 173,975 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Shares of Public Storage stock traded up $5.63 during trading hours on Thursday, reaching $330.94. The company had a trading volume of 373,922 shares, compared to its average volume of 714,001. Public Storage has a one year low of $241.60 and a one year high of $369.99. The business has a fifty day simple moving average of $347.20 and a 200 day simple moving average of $310.65. 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 has a market cap of $57.92 billion, a PE ratio of 33.78, a price-to-earnings-growth ratio of 4.69 and a beta of 0.70.

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 paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.63%. The ex-dividend date is Friday, December 13th. Public Storage's dividend payout ratio is 124.61%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PSA. Evercore ISI decreased their price target on Public Storage from $343.00 to $338.00 and set an "in-line" rating for the company in a research report on Monday, October 14th. Morgan Stanley increased their price target on Public Storage from $293.00 to $315.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 2nd. Scotiabank increased their price target on Public Storage from $308.00 to $339.00 and gave the company a "sector perform" rating in a research report on Thursday, August 22nd. 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 research report on Monday, August 5th. Finally, Truist Financial lowered 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. One analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price 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.