Victory Capital Management Inc. Sells 34,320 Shares of Public Storage (NYSE:PSA)

Victory Capital Management Inc. decreased its position in shares of Public Storage (NYSE:PSA - Free Report) by 41.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 48,120 shares of the real estate investment trust's stock after selling 34,320 shares during the period. Victory Capital Management Inc.'s holdings in Public Storage were worth $17,509,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Canada Pension Plan Investment Board raised its stake in shares of Public Storage by 34.4% during the first quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust's stock valued at $319,270,000 after acquiring an additional 281,800 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in 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 during the last quarter. AQR Capital Management LLC raised its stake in Public Storage by 116.7% during the second 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 last quarter. Panagora Asset Management Inc. raised its stake in Public Storage by 1,980.9% during the second 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 last quarter. Finally, APG Asset Management US Inc. raised its stake 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 during the last quarter. Institutional investors own 78.79% of the company's stock.

Public Storage Stock Performance

Shares of PSA stock traded down $1.59 during trading hours on Wednesday, reaching $332.86. The company had a trading volume of 524,800 shares, compared to its average volume of 715,297. The business has a fifty day moving average price of $345.22 and a 200-day moving average price of $315.64. Public Storage has a one year low of $251.49 and a one year high of $369.99. The firm has a market cap of $58.29 billion, a PE ratio of 34.74, a price-to-earnings-growth 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.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders 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 yield of 3.61%. The ex-dividend date is Friday, December 13th. Public Storage's dividend payout ratio is currently 124.61%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company lowered their target price on shares of Public Storage from $375.00 to $365.00 and set an "overweight" rating for the company in a research note on Tuesday, November 5th. Barclays lowered their target price on shares of Public Storage from $381.00 to $380.00 and set an "overweight" rating for the company in a research note on Tuesday, November 12th. Scotiabank raised their price target on shares of Public Storage from $308.00 to $339.00 and gave the stock a "sector perform" rating in a report on Thursday, August 22nd. Bank of America cut shares of 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. Finally, Morgan Stanley raised their price target on shares of Public Storage from $293.00 to $315.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Public Storage presently has an average rating of "Moderate Buy" and an average price target of $339.64.

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.