Zurich Insurance Group Ltd FI Purchases New Holdings in Public Storage (NYSE:PSA)

Zurich Insurance Group Ltd FI bought a new position in shares of Public Storage (NYSE:PSA - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 52,890 shares of the real estate investment trust's stock, valued at approximately $19,245,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PSA. Allspring Global Investments Holdings LLC boosted its stake in shares of Public Storage by 1.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust's stock worth $51,762,000 after buying an additional 2,605 shares during the last quarter. PGGM Investments boosted its position in Public Storage by 8.0% during the second quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust's stock valued at $48,162,000 after purchasing an additional 12,396 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in Public Storage by 114.2% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust's stock valued at $33,302,000 after purchasing an additional 48,803 shares in the last quarter. Larson Financial Group LLC grew its stake in Public Storage by 3,714.6% in the third quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust's stock valued at $666,000 after purchasing an additional 1,783 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its position in shares of Public Storage by 4.1% during the 3rd quarter. Handelsbanken Fonder AB now owns 72,741 shares of the real estate investment trust's stock worth $26,468,000 after purchasing an additional 2,832 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Stock Performance

NYSE:PSA traded up $1.33 during mid-day trading on Friday, hitting $334.00. 1,013,532 shares of the stock were exchanged, compared to its average volume of 647,287. The firm's 50-day simple moving average is $340.38 and its 200 day simple moving average is $321.30. The stock has a market capitalization of $58.49 billion, a price-to-earnings ratio of 34.68, a price-to-earnings-growth ratio of 5.57 and a beta of 0.71. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. 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 Announces Dividend

The company 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 dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date is Friday, December 13th. Public Storage's dividend payout ratio is currently 124.61%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PSA shares. Morgan Stanley increased their price objective on Public Storage from $293.00 to $315.00 and gave the company an "equal weight" rating in a report on Wednesday, October 2nd. Barclays cut their price target 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. Evercore ISI lowered their price objective on shares of Public Storage from $343.00 to $338.00 and set an "in-line" rating on the stock in a research note on Monday, October 14th. Truist Financial raised their target price on shares of Public Storage from $306.00 to $340.00 and gave the company a "hold" rating in a research note on Thursday. Finally, Wells Fargo & Company reduced their price target on Public Storage from $375.00 to $365.00 and set an "overweight" rating for the company in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $342.07.

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.