OVERSEA CHINESE BANKING Corp Ltd Sells 19,038 Shares of Public Storage (NYSE:PSA)

OVERSEA CHINESE BANKING Corp Ltd lowered its position in Public Storage (NYSE:PSA) by 44.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,737 shares of the real estate investment trust’s stock after selling 19,038 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Public Storage were worth $8,637,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Petredis Investment Advisors LLC raised its holdings in shares of Public Storage by 0.4% in the 3rd quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock valued at $2,497,000 after purchasing an additional 30 shares during the period. S.A. Mason LLC grew its stake in Public Storage by 3.8% in the 3rd quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust’s stock valued at $300,000 after buying an additional 30 shares during the last quarter. Yoder Wealth Management Inc. grew its stake in Public Storage by 5.0% in the 3rd quarter. Yoder Wealth Management Inc. now owns 763 shares of the real estate investment trust’s stock valued at $278,000 after buying an additional 36 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in Public Storage by 0.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock valued at $1,201,000 after buying an additional 39 shares during the last quarter. Finally, Rise Advisors LLC grew its stake in Public Storage by 3.4% in the 3rd quarter. Rise Advisors LLC now owns 1,275 shares of the real estate investment trust’s stock valued at $464,000 after buying an additional 42 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on PSA shares. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research note on Thursday, August 1st. Morgan Stanley increased their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Citigroup increased their target price on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Jefferies Financial Group increased their target price on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Barclays increased their target price on shares of Public Storage from $374.00 to $381.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. One 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $339.71.

Public Storage Price Performance

Shares of NYSE:PSA opened at $336.90 on Tuesday. The company has a market cap of $58.99 billion, a price-to-earnings ratio of 34.98, a PEG ratio of 4.78 and a beta of 0.70. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a 50 day simple moving average of $346.80 and a 200 day simple moving average of $312.59. Public Storage has a one year low of $241.60 and a one year high of $369.99.

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 3.56%. The ex-dividend date is Friday, December 13th. Public Storage’s payout ratio is currently 124.61%.

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.