Public Storage (NYSE:PSA) Stake Lifted by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. raised its stake in Public Storage (NYSE:PSA) by 57.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,113,799 shares of the real estate investment trust’s stock after buying an additional 405,847 shares during the quarter. Public Storage accounts for approximately 1.9% of Daiwa Securities Group Inc.’s holdings, making the stock its 13th biggest holding. Daiwa Securities Group Inc.’s holdings in Public Storage were worth $405,278,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. CreativeOne Wealth LLC raised its holdings in shares of Public Storage by 15.8% during the first quarter. CreativeOne Wealth LLC now owns 895 shares of the real estate investment trust’s stock valued at $260,000 after buying an additional 122 shares during the last quarter. Axxcess Wealth Management LLC boosted its position in Public Storage by 61.6% during the 1st quarter. Axxcess Wealth Management LLC now owns 1,913 shares of the real estate investment trust’s stock worth $555,000 after acquiring an additional 729 shares during the period. LRI Investments LLC bought a new position in shares of Public Storage in the first quarter worth $40,000. SVB Wealth LLC increased its holdings in shares of Public Storage by 17.8% during the first quarter. SVB Wealth LLC now owns 946 shares of the real estate investment trust’s stock valued at $274,000 after purchasing an additional 143 shares during the period. Finally, Caxton Associates LP raised its stake in shares of Public Storage by 89.5% during the first quarter. Caxton Associates LP now owns 2,181 shares of the real estate investment trust’s stock valued at $633,000 after purchasing an additional 1,030 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

PSA opened at $337.58 on Friday. 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 $59.11 billion, a PE ratio of 35.06, a P/E/G ratio of 5.59 and a beta of 0.70. The business has a fifty day simple moving average of $343.82 and a 200-day simple moving average of $316.69. Public Storage has a fifty-two week low of $251.49 and a fifty-two week high of $369.99.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $3.00 dividend. The ex-dividend date is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.55%. Public Storage’s dividend payout ratio is currently 124.61%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PSA. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research report on Thursday, August 1st. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Royal Bank of Canada dropped their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Scotiabank upped their target price on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Finally, Morgan Stanley lifted their price target on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. 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 issued a strong buy rating to the stock. According to MarketBeat, Public Storage has an average rating of “Moderate Buy” and a consensus target price of $339.64.

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.