Waddell & Associates LLC increased its holdings in shares of Public Storage (NYSE:PSA – Free Report) by 2.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,004 shares of the real estate investment trust’s stock after purchasing an additional 69 shares during the quarter. Waddell & Associates LLC’s holdings in Public Storage were worth $1,093,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of Public Storage by 4.2% during 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 purchasing an additional 219,391 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Public Storage by 2.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust’s stock worth $1,023,080,000 after buying an additional 54,992 shares in the last quarter. APG Asset Management US Inc. boosted its stake in Public Storage by 4.8% during 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 during the last quarter. Canada Pension Plan Investment Board grew its holdings in Public Storage by 8.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock valued at $343,968,000 after buying an additional 95,080 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in Public Storage by 9.7% in the 2nd quarter. Daiwa Securities Group Inc. now owns 707,952 shares of the real estate investment trust’s stock worth $203,642,000 after acquiring an additional 62,784 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.
Analyst Ratings Changes
A number of research analysts recently weighed in on PSA shares. Citigroup raised their target price on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Royal Bank of Canada reduced their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Barclays lowered their price target on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a report on Tuesday, November 12th. Jefferies Financial Group lifted their price target on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research report on Monday, August 5th. One equities 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $339.64.
Public Storage Stock Performance
PSA stock opened at $337.62 on Friday. The firm has a market cap of $59.12 billion, a price-to-earnings ratio of 35.06, a PEG ratio of 5.59 and a beta of 0.70. Public Storage has a twelve month low of $251.49 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 business’s fifty day simple moving average is $343.82 and its two-hundred day simple moving average is $316.39.
Public Storage Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors 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 3.55%. Public Storage’s payout ratio is 124.61%.
About Public Storage
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.
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