National Pension Service Increases Stake in Public Storage (NYSE:PSA)

National Pension Service increased its stake in Public Storage (NYSE:PSA) by 12.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 410,515 shares of the real estate investment trust’s stock after purchasing an additional 44,612 shares during the quarter. National Pension Service owned 0.23% of Public Storage worth $149,374,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PSA. Vanguard Group Inc. grew its holdings in Public Storage by 1.0% in the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after purchasing an additional 217,487 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Public Storage by 4.2% in the first 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 acquiring an additional 219,391 shares in the last quarter. APG Asset Management US Inc. raised its holdings 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 acquiring an additional 100,000 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in Public Storage by 8.6% in the second 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 acquiring an additional 95,080 shares in the last quarter. Finally, Centersquare Investment Management LLC increased its stake in Public Storage by 17.2% during the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after purchasing an additional 173,975 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Trading Up 2.7 %

Shares of PSA stock opened at $332.56 on Tuesday. Public Storage has a 12 month low of $241.60 and a 12 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 50 day moving average is $347.55 and its two-hundred day moving average is $309.98. The company has a market cap of $58.20 billion, a PE ratio of 34.53, a price-to-earnings-growth ratio of 4.56 and a beta of 0.70.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a $3.00 dividend. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.61%. Public Storage’s dividend payout ratio is 124.61%.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Scotiabank boosted 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. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Morgan Stanley upped their price target on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Wells Fargo & Company upped their price objective on shares of Public Storage from $320.00 to $375.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Finally, Jefferies Financial Group upped their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $341.43.

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.