State Street Corp Boosts Stock Holdings in Public Storage (NYSE:PSA)

State Street Corp grew its position in shares of Public Storage (NYSE:PSA) by 0.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,370,658 shares of the real estate investment trust’s stock after buying an additional 55,123 shares during the quarter. State Street Corp owned 5.92% of Public Storage worth $3,773,571,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its holdings in shares of Public Storage by 1.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock valued at $51,762,000 after buying an additional 2,605 shares during the last quarter. PGGM Investments grew its holdings in shares of 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 buying an additional 12,396 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in shares of Public Storage by 114.2% during 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 buying an additional 48,803 shares during the last quarter. Larson Financial Group LLC grew its holdings in shares of Public Storage by 3,714.6% during 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 buying an additional 1,783 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in shares of Public Storage by 4.1% during the third quarter. Handelsbanken Fonder AB now owns 72,741 shares of the real estate investment trust’s stock valued at $26,468,000 after buying an additional 2,832 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Trading Down 0.6 %

Shares of Public Storage stock opened at $332.44 on Friday. The company’s fifty day simple moving average is $340.84 and its 200-day simple moving average is $320.43. The stock has a market capitalization of $58.21 billion, a PE ratio of 34.52, a P/E/G ratio of 5.59 and a beta of 0.71. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97.

Public Storage Dividend Announcement

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

Analysts Set New Price Targets

PSA has been the topic of a number of research analyst reports. Truist Financial increased their price objective on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday. Wells Fargo & Company lowered their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Scotiabank increased their price objective on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. 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 on the stock in a research report on Friday, November 8th. Finally, Citigroup increased their price objective on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $342.07.

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.