Public Storage (NYSE:PSA) Stock Position Lowered by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its holdings in Public Storage (NYSE:PSA - Free Report) by 12.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,391 shares of the real estate investment trust's stock after selling 3,892 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Public Storage were worth $9,603,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Manning & Napier Advisors LLC bought a new position in Public Storage during the 2nd quarter worth $14,301,000. Allspring Global Investments Holdings LLC grew its position in shares of Public Storage by 1.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust's stock worth $51,762,000 after acquiring an additional 2,605 shares during the last quarter. PGGM Investments grew its position in shares of Public Storage by 8.0% during the second quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust's stock worth $48,162,000 after acquiring an additional 12,396 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in shares of Public Storage by 114.2% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust's stock worth $33,302,000 after acquiring an additional 48,803 shares during the period. Finally, Larson Financial Group LLC lifted its position in Public Storage by 3,714.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust's stock valued at $666,000 after purchasing an additional 1,783 shares during the last quarter. Institutional investors own 78.79% of the company's stock.

Analysts Set New Price Targets

PSA has been the topic of several analyst reports. Wolfe Research upgraded shares of Public Storage to a "strong-buy" rating in a research note on Wednesday, September 4th. Royal Bank of Canada lowered their target price on Public Storage from $358.00 to $344.00 and set a "sector perform" rating on the stock in a research report on Friday, November 8th. Barclays reduced their price target on Public Storage from $381.00 to $380.00 and set an "overweight" rating for the company in a research report on Tuesday, November 12th. Jefferies Financial Group raised their price target on Public Storage from $360.00 to $422.00 and gave the company a "buy" rating in a report on Wednesday, September 18th. Finally, Evercore ISI reduced their price objective on shares of Public Storage from $343.00 to $338.00 and set an "in-line" rating for the company in a report on Monday, October 14th. 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 company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $339.64.

Public Storage Price Performance

Shares of NYSE PSA traded down $4.06 during trading on Monday, hitting $343.99. The company had a trading volume of 709,941 shares, compared to its average volume of 714,839. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The business's 50-day moving average is $342.76 and its 200 day moving average is $319.51. The company has a market cap of $60.24 billion, a P/E ratio of 35.73, a PEG ratio of 5.79 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.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.49%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage's dividend payout ratio is 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.