Kentucky Retirement Systems Insurance Trust Fund Reduces Stock Position in Public Storage (NYSE:PSA)

Kentucky Retirement Systems Insurance Trust Fund cut its stake in Public Storage (NYSE:PSA) by 8.6% in the third quarter, HoldingsChannel.com reports. The fund owned 4,664 shares of the real estate investment trust’s stock after selling 437 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Public Storage were worth $1,697,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Canada Pension Plan Investment Board boosted its holdings in Public Storage by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock worth $319,270,000 after purchasing an additional 281,800 shares during the last quarter. Price T Rowe Associates Inc. MD lifted 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 buying an additional 219,391 shares during the period. AQR Capital Management LLC boosted its stake in shares of Public Storage by 116.7% in the 2nd quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock worth $111,077,000 after buying an additional 208,546 shares during the last quarter. Panagora Asset Management Inc. grew its holdings in shares of Public Storage by 1,980.9% in the second quarter. Panagora Asset Management Inc. now owns 144,185 shares of the real estate investment trust’s stock worth $41,475,000 after acquiring an additional 137,256 shares during the period. Finally, APG Asset Management US Inc. grew its holdings in shares of 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 worth $623,485,000 after acquiring an additional 100,000 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Price Performance

Shares of PSA stock opened at $335.01 on Friday. Public Storage has a twelve month low of $251.49 and a twelve month high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a fifty day simple moving average of $345.99 and a two-hundred day simple moving average of $314.26. The stock has a market capitalization of $58.66 billion, a price-to-earnings ratio of 34.79, a P/E/G ratio of 5.57 and a beta of 0.70.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s payout ratio is 124.61%.

Analyst Ratings Changes

PSA has been the topic of several research reports. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research report on Monday, August 5th. Jefferies Financial Group raised their price objective on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Royal Bank of Canada cut their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Wells Fargo & Company decreased their price target 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. Finally, Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $339.64.

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.