UniSuper Management Pty Ltd Boosts Stock Position in Public Storage (NYSE:PSA)

UniSuper Management Pty Ltd increased its position in shares of Public Storage (NYSE:PSA) by 5.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 56,921 shares of the real estate investment trust’s stock after purchasing an additional 2,821 shares during the quarter. UniSuper Management Pty Ltd’s holdings in Public Storage were worth $17,044,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Kingsview Wealth Management LLC acquired a new stake in Public Storage during the third quarter valued at $381,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Public Storage during the 3rd quarter worth about $378,000. Independent Advisor Alliance grew its position in shares of Public Storage by 49.1% during the 3rd quarter. Independent Advisor Alliance now owns 1,258 shares of the real estate investment trust’s stock valued at $458,000 after acquiring an additional 414 shares during the period. Loomis Sayles & Co. L P increased its stake in shares of Public Storage by 3,133.3% in the 3rd quarter. Loomis Sayles & Co. L P now owns 291 shares of the real estate investment trust’s stock valued at $106,000 after purchasing an additional 282 shares in the last quarter. Finally, Bank of Montreal Can raised its holdings in Public Storage by 2.4% in the 3rd quarter. Bank of Montreal Can now owns 196,169 shares of the real estate investment trust’s stock worth $69,962,000 after purchasing an additional 4,583 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PSA shares. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and boosted their price objective for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Wells Fargo & Company dropped their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Truist Financial reduced their price objective on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research report on Tuesday, March 18th. Scotiabank cut their target price on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 5th. Finally, Barclays reaffirmed an “overweight” rating and issued a $354.00 price target (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Seven investment analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and an average target price of $338.00.

Public Storage Stock Up 0.2 %

NYSE PSA opened at $292.21 on Friday. The business’s fifty day simple moving average is $299.95 and its 200-day simple moving average is $320.70. 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 firm has a market cap of $51.26 billion, a PE ratio of 30.34, a P/E/G ratio of 4.91 and a beta of 0.73. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be issued a $3.00 dividend. The ex-dividend date is Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.11%. Public Storage’s payout ratio is 112.89%.

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.