Vestcor Inc Lowers Holdings in Public Storage (NYSE:PSA)

Vestcor Inc cut its position in shares of Public Storage (NYSE:PSA - Free Report) by 35.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 16,310 shares of the real estate investment trust's stock after selling 8,906 shares during the period. Vestcor Inc's holdings in Public Storage were worth $5,935,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in PSA. OFI Invest Asset Management acquired a new position in Public Storage during the second quarter worth $32,000. Prospera Private Wealth LLC acquired a new stake in shares of Public Storage in the third quarter valued at about $34,000. Ashton Thomas Securities LLC acquired a new stake in shares of Public Storage in the third quarter valued at about $38,000. EdgeRock Capital LLC acquired a new stake in Public Storage during the second quarter worth about $39,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in Public Storage during the third quarter worth about $50,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Jefferies Financial Group raised their price objective on shares of Public Storage from $360.00 to $422.00 and gave the stock a "buy" rating in a research report on Wednesday, September 18th. Royal Bank of Canada lowered their price objective on shares of Public Storage from $358.00 to $344.00 and set a "sector perform" rating for the company in a research note on Friday, November 8th. Truist Financial raised 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. Citigroup raised their price objective on shares of Public Storage from $303.00 to $378.00 and gave the company a "buy" rating in a research note on Friday, August 30th. Finally, Barclays lowered their price objective on shares of Public Storage from $381.00 to $380.00 and set an "overweight" rating for the company in a research note on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Public Storage has a consensus rating of "Moderate Buy" and a consensus target price of $342.07.

Public Storage Stock Down 2.3 %

PSA stock traded down $7.61 during midday trading on Tuesday, reaching $327.97. 852,979 shares of the company were exchanged, compared to its average volume of 713,449. 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 $256.31 and a 1-year high of $369.99. The stock's 50-day simple moving average is $339.82 and its 200 day simple moving average is $321.73. The company has a market cap of $57.43 billion, a price-to-earnings ratio of 34.06, a price-to-earnings-growth ratio of 5.56 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. Stockholders 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 dividend yield of 3.66%. Public Storage's payout ratio is 124.61%.

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.