State Street Corp Buys 55,123 Shares of Public Storage (NYSE:PSA)

State Street Corp raised its position in shares of Public Storage (NYSE:PSA - Free Report) by 0.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,370,658 shares of the real estate investment trust's stock after purchasing an additional 55,123 shares during the period. State Street Corp owned approximately 5.92% of Public Storage worth $3,773,571,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PSA. FMR LLC boosted its stake in shares of Public Storage by 20.9% in the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust's stock valued at $1,828,763,000 after purchasing an additional 869,066 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Public Storage by 2.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust's stock valued at $1,023,080,000 after purchasing an additional 54,992 shares during the last quarter. APG Asset Management US Inc. boosted its position in Public Storage by 4.8% in the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust's stock valued at $623,485,000 after buying an additional 100,000 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Public Storage by 732.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust's stock worth $561,763,000 after buying an additional 1,358,493 shares during the last quarter. Finally, Adelante Capital Management LLC grew its stake in shares of Public Storage by 389.9% during the third quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust's stock worth $532,465,000 after buying an additional 1,164,630 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Wolfe Research raised Public Storage to a "strong-buy" rating in a report on Wednesday, September 4th. Royal Bank of Canada cut their price target on Public Storage from $358.00 to $344.00 and set a "sector perform" rating on the stock in a research note on Friday, November 8th. Scotiabank upped their price objective on Public Storage from $308.00 to $339.00 and gave the company a "sector perform" rating in a research note on Thursday, August 22nd. Citigroup lifted their target price on shares of Public Storage from $303.00 to $378.00 and gave the stock a "buy" rating in a research report on Friday, August 30th. Finally, Wells Fargo & Company decreased their price target on shares of Public Storage from $375.00 to $365.00 and set an "overweight" rating for the company in a research report on Tuesday, November 5th. One 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, Public Storage currently has an average rating of "Moderate Buy" and an average target price of $342.07.

Public Storage Trading Up 0.4 %

Public Storage stock traded up $1.28 during trading hours on Friday, reaching $333.95. 1,013,530 shares of the company's stock were exchanged, compared to its average volume of 713,463. The firm's 50 day simple moving average is $340.84 and its 200 day simple moving average is $320.43. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. 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 firm has a market capitalization of $58.48 billion, a PE ratio of 34.68, a PEG ratio of 5.59 and a beta of 0.71.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.59%. Public Storage's payout ratio 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.