Public Storage (NYSE:PSA) Shares Purchased by Northwest & Ethical Investments L.P.

Northwest & Ethical Investments L.P. increased its stake in Public Storage (NYSE:PSA) by 18.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,548 shares of the real estate investment trust’s stock after purchasing an additional 6,124 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in Public Storage were worth $14,026,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Vinva Investment Management Ltd lifted its stake in shares of Public Storage by 14.7% during the third quarter. Vinva Investment Management Ltd now owns 7,266 shares of the real estate investment trust’s stock valued at $2,591,000 after buying an additional 933 shares during the period. Financial Counselors Inc. purchased a new position in Public Storage in the third quarter valued at about $950,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Public Storage by 732.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock valued at $561,763,000 after buying an additional 1,358,493 shares in the last quarter. Public Sector Pension Investment Board raised its holdings in shares of Public Storage by 25.1% during the 3rd quarter. Public Sector Pension Investment Board now owns 27,470 shares of the real estate investment trust’s stock valued at $9,996,000 after buying an additional 5,507 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Public Storage by 2.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 105,014 shares of the real estate investment trust’s stock worth $38,211,000 after acquiring an additional 2,330 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

PSA stock traded up $1.32 during midday trading on Thursday, reaching $351.36. 499,452 shares of the stock were exchanged, compared to its average volume of 714,964. The company has a fifty day moving average price of $343.18 and a 200 day moving average price of $318.29. Public Storage has a 52 week low of $253.98 and a 52 week high of $369.99. The stock has a market capitalization of $61.53 billion, a PE ratio of 36.49, a P/E/G ratio of 5.78 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.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.42%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is 124.61%.

Analysts Set New Price Targets

A number of research firms have weighed in on PSA. Royal Bank of Canada decreased their price objective 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. Jefferies Financial Group increased their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a research note on Monday, August 5th. Scotiabank boosted their target price on shares of 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, Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage presently 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.