Principal Financial Group Inc. Purchases 3,973 Shares of Public Storage (NYSE:PSA)

Principal Financial Group Inc. boosted its position in Public Storage (NYSE:PSA - Free Report) by 1.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 214,382 shares of the real estate investment trust's stock after purchasing an additional 3,973 shares during the quarter. Principal Financial Group Inc. owned about 0.12% of Public Storage worth $78,007,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of PSA. Prospera Private Wealth LLC bought a new position in shares of Public Storage in the third quarter worth approximately $34,000. Ashton Thomas Securities LLC purchased a new position in Public Storage in the 3rd quarter worth approximately $38,000. Compagnie Lombard Odier SCmA bought a new position in shares of Public Storage in the 3rd quarter worth $50,000. Harbor Capital Advisors Inc. purchased a new stake in shares of Public Storage during the 3rd quarter valued at $55,000. Finally, Deseret Mutual Benefit Administrators lifted its holdings in shares of Public Storage by 39.2% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 206 shares of the real estate investment trust's stock worth $75,000 after acquiring an additional 58 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Trading Up 2.8 %

Shares of NYSE:PSA traded up $8.17 during midday trading on Friday, hitting $297.50. 2,224,868 shares of the stock traded hands, compared to its average volume of 723,846. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The business's 50 day moving average is $333.10 and its two-hundred day moving average is $323.89. The stock has a market capitalization of $52.09 billion, a PE ratio of 30.89, a P/E/G ratio of 5.29 and a beta of 0.71. Public Storage has a one year low of $256.31 and a one year high of $369.99.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date is Friday, December 13th. Public Storage's payout ratio is 124.61%.

Analysts Set New Price Targets

PSA has been the topic of a number of research analyst reports. Barclays reduced their target price on Public Storage from $381.00 to $380.00 and set an "overweight" rating on the stock in a research note on Tuesday, November 12th. Wells Fargo & Company reduced their price objective on Public Storage from $375.00 to $365.00 and set an "overweight" rating on the stock in a research report on Tuesday, November 5th. Evercore ISI dropped their target price 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 shares of Public Storage from $293.00 to $315.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 2nd. Finally, Citigroup lifted their price target on shares of Public Storage from $303.00 to $378.00 and gave the stock a "buy" rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $342.07.

Insiders Place Their Bets

In related news, insider Nathaniel A. Vitan sold 450 shares of the company's stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the transaction, the insider now owns 2,364 shares in the company, valued at $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 11.00% of the company's stock.

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.