State of New Jersey Common Pension Fund D Purchases 1,582 Shares of Public Storage (NYSE:PSA)

State of New Jersey Common Pension Fund D raised its stake in Public Storage (NYSE:PSA - Free Report) by 1.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 108,904 shares of the real estate investment trust's stock after purchasing an additional 1,582 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.06% of Public Storage worth $39,627,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PSA. Canada Pension Plan Investment Board lifted its holdings in Public Storage by 34.4% during the 1st 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 purchasing an additional 281,800 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Public Storage by 4.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust's stock valued at $1,575,794,000 after buying an additional 219,391 shares during the last quarter. Vanguard Group Inc. raised its holdings in Public Storage by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust's stock valued at $6,075,681,000 after acquiring an additional 217,487 shares during the period. AQR Capital Management LLC raised its holdings in Public Storage by 116.7% in the 2nd quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust's stock valued at $111,077,000 after acquiring an additional 208,546 shares during the period. Finally, Centersquare Investment Management LLC boosted its holdings in shares of Public Storage by 17.2% during the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust's stock worth $343,573,000 after acquiring an additional 173,975 shares during the period. Institutional investors and hedge funds own 78.79% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PSA. 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 note on Friday. Bank of America downgraded Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 target price for the company. in a report on Monday, August 5th. Wolfe Research raised shares of Public Storage to a "strong-buy" rating in a research report on Wednesday, September 4th. 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 research report on Thursday, August 22nd. Finally, Wells Fargo & Company cut their price objective on shares of Public Storage from $375.00 to $365.00 and set an "overweight" rating for the company in a report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $339.71.

Public Storage Price Performance

Shares of Public Storage stock traded up $6.29 during trading on Friday, reaching $339.42. 611,198 shares of the company's stock were exchanged, compared to its average volume of 735,101. The firm's 50-day moving average price is $346.94 and its 200 day moving average price is $311.69. The company has a market cap of $59.44 billion, a P/E ratio of 35.25, a PEG ratio of 4.78 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 has a 1-year low of $241.60 and a 1-year high of $369.99.

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 $3.00 dividend. The ex-dividend date is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.54%. Public Storage's dividend payout ratio (DPR) is currently 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.