Swedbank AB Buys 37,285 Shares of Public Storage (NYSE:PSA)

Swedbank AB grew its stake in Public Storage (NYSE:PSA - Free Report) by 31.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 154,167 shares of the real estate investment trust's stock after purchasing an additional 37,285 shares during the period. Swedbank AB owned about 0.09% of Public Storage worth $56,097,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in PSA. AQR Capital Management LLC boosted its position in Public Storage by 116.7% during the 2nd quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust's stock worth $111,077,000 after buying an additional 208,546 shares during the period. Panagora Asset Management Inc. boosted its position in Public Storage by 1,980.9% during the 2nd quarter. Panagora Asset Management Inc. now owns 144,185 shares of the real estate investment trust's stock worth $41,475,000 after buying an additional 137,256 shares during the period. APG Asset Management US Inc. boosted its position in Public Storage by 4.8% during the 2nd 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 during the period. Strategic Financial Concepts LLC acquired a new stake in Public Storage during the 2nd quarter worth approximately $278,000. Finally, KBC Group NV lifted its position in shares of Public Storage by 54.1% in the 3rd quarter. KBC Group NV now owns 274,707 shares of the real estate investment trust's stock worth $99,958,000 after purchasing an additional 96,494 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Price Performance

Shares of PSA traded up $10.28 during midday trading on Monday, hitting $347.86. 1,359,410 shares of the company traded hands, compared to its average volume of 716,190. The stock has a 50-day moving average of $343.52 and a 200-day moving average of $317.53. Public Storage has a one year low of $252.96 and a one year high of $369.99. The firm has a market cap of $60.91 billion, a P/E ratio of 36.12, a PEG ratio of 5.61 and a beta of 0.70. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.45%. The ex-dividend date is Friday, December 13th. Public Storage's dividend payout ratio is presently 124.61%.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of recent analyst reports. Jefferies Financial Group boosted their price target on shares of Public Storage from $360.00 to $422.00 and gave the stock a "buy" rating in a research report on Wednesday, September 18th. Wolfe Research upgraded shares of Public Storage to a "strong-buy" rating in a research report on Wednesday, September 4th. Wells Fargo & Company dropped their price target on shares of Public Storage from $375.00 to $365.00 and set an "overweight" rating on the stock in a research report on Tuesday, November 5th. Bank of America downgraded 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. Finally, Barclays dropped their price target on shares of Public Storage from $381.00 to $380.00 and set an "overweight" rating on the stock in a research report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $339.64.

Public Storage Company 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.