Te Ahumairangi Investment Management Ltd Has $5.34 Million Position in Public Storage (NYSE:PSA)

Te Ahumairangi Investment Management Ltd cut its stake in shares of Public Storage (NYSE:PSA - Free Report) by 16.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,752 shares of the real estate investment trust's stock after selling 2,800 shares during the quarter. Te Ahumairangi Investment Management Ltd's holdings in Public Storage were worth $5,337,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Diversified Trust Co increased its stake in Public Storage by 22.5% in the 2nd quarter. Diversified Trust Co now owns 850 shares of the real estate investment trust's stock worth $245,000 after purchasing an additional 156 shares in the last quarter. J.Safra Asset Management Corp increased its position in shares of Public Storage by 192.3% in the second quarter. J.Safra Asset Management Corp now owns 190 shares of the real estate investment trust's stock worth $55,000 after acquiring an additional 125 shares in the last quarter. Swedbank AB raised its holdings in shares of Public Storage by 94.1% during the second quarter. Swedbank AB now owns 116,882 shares of the real estate investment trust's stock valued at $33,621,000 after acquiring an additional 56,669 shares during the period. Fiduciary Financial Group LLC purchased a new stake in shares of Public Storage in the 2nd quarter valued at approximately $338,000. Finally, Valley National Advisers Inc. boosted its stake in Public Storage by 218.1% in the 2nd quarter. Valley National Advisers Inc. now owns 229 shares of the real estate investment trust's stock worth $65,000 after purchasing an additional 157 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Down 0.8 %

Shares of NYSE PSA traded down $2.55 during mid-day trading on Thursday, reaching $320.79. 650,079 shares of the company traded hands, compared to its average volume of 713,209. The company's fifty day moving average is $338.54 and its two-hundred day moving average is $322.13. 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 fifty-two week low of $256.31 and a fifty-two week high of $369.99. The stock has a market cap of $56.17 billion, a PE ratio of 33.58, a price-to-earnings-growth ratio of 5.56 and a beta of 0.71.

Public Storage Announces Dividend

The business 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. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.74%. Public Storage's dividend payout ratio (DPR) is presently 124.61%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PSA shares. Citigroup increased their target price on Public Storage from $303.00 to $378.00 and gave the company a "buy" rating in a report on Friday, August 30th. Morgan Stanley upped their target price on Public Storage from $293.00 to $315.00 and gave the company an "equal weight" rating in a report on Wednesday, October 2nd. Wolfe Research upgraded shares of Public Storage to a "strong-buy" rating in a report on Wednesday, September 4th. Truist Financial upped their price objective on shares of Public Storage from $306.00 to $340.00 and gave the company a "hold" rating in a research note on Thursday, December 5th. Finally, Scotiabank lifted their target price on shares of Public Storage from $308.00 to $339.00 and gave the company a "sector perform" rating in a research note on Thursday, August 22nd. 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. Based on data from MarketBeat, Public Storage has an average rating of "Moderate Buy" and a consensus price target of $342.07.

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.