Retirement Systems of Alabama reduced its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 4.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 232,949 shares of the real estate investment trust's stock after selling 11,770 shares during the quarter. Retirement Systems of Alabama owned 0.13% of Public Storage worth $84,763,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Peapack Gladstone Financial Corp boosted its position in Public Storage by 2.7% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 2,243 shares of the real estate investment trust's stock worth $816,000 after purchasing an additional 58 shares during the period. Synovus Financial Corp boosted its position in shares of Public Storage by 42.0% in the third quarter. Synovus Financial Corp now owns 5,776 shares of the real estate investment trust's stock worth $2,101,000 after buying an additional 1,708 shares during the period. Castellan Group acquired a new stake in shares of Public Storage in the third quarter valued at about $3,937,000. Tidal Investments LLC grew its stake in shares of Public Storage by 30.3% in the third quarter. Tidal Investments LLC now owns 11,386 shares of the real estate investment trust's stock valued at $4,143,000 after buying an additional 2,646 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Public Storage during the 3rd quarter valued at about $1,466,000. Institutional investors and hedge funds own 78.79% of the company's stock.
Analysts Set New Price Targets
PSA has been the subject of several recent research reports. Evercore ISI lowered 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 research report on Monday, October 14th. Citigroup raised their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a "buy" rating in a report on Friday, August 30th. Wells Fargo & Company cut their price objective on shares of Public Storage from $375.00 to $365.00 and set an "overweight" rating on the stock in a report on Tuesday, November 5th. Truist Financial lifted their target price on Public Storage from $306.00 to $340.00 and gave the stock a "hold" rating in a research report on Thursday, December 5th. Finally, Morgan Stanley boosted their price target on Public Storage from $293.00 to $315.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $342.07.
View Our Latest Report on PSA
Public Storage Stock Performance
Shares of PSA stock traded down $0.17 on Friday, hitting $317.62. 556,235 shares of the stock traded hands, compared to its average volume of 713,448. The company's fifty day moving average is $337.89 and its 200 day moving average is $322.12. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The company has a market capitalization of $55.62 billion, a PE ratio of 33.31, a PEG ratio of 5.38 and a beta of 0.71. 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 firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.78%. The ex-dividend date is Friday, December 13th. Public Storage's dividend payout ratio (DPR) is presently 124.61%.
Public Storage Company Profile
(
Free Report)
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.
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