Public Storage (NYSE:PSA) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its position in Public Storage (NYSE:PSA) by 2.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 112,018 shares of the real estate investment trust’s stock after acquiring an additional 2,860 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.06% of Public Storage worth $40,760,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. OFI Invest Asset Management acquired a new stake in shares of Public Storage in the second quarter valued at approximately $32,000. Prospera Private Wealth LLC acquired a new stake in shares of Public Storage in the third quarter valued at approximately $34,000. Opal Wealth Advisors LLC acquired a new stake in shares of Public Storage in the second quarter valued at approximately $36,000. Ashton Thomas Securities LLC acquired a new stake in shares of Public Storage in the third quarter valued at approximately $38,000. Finally, EdgeRock Capital LLC acquired a new stake in shares of Public Storage during the second quarter worth $39,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Up 0.4 %

PSA opened at $351.36 on Friday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $61.53 billion, a price-to-earnings ratio of 36.49, a PEG ratio of 5.78 and a beta of 0.70. Public Storage has a one year low of $253.98 and a one year high of $369.99. The business’s fifty day moving average is $343.04 and its two-hundred day moving average is $318.52.

Public Storage Announces Dividend

The firm also recently disclosed 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 of this dividend is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.42%. Public Storage’s payout ratio is 124.61%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PSA shares. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a report on Thursday, August 1st. Morgan Stanley increased their price target on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Wells Fargo & Company decreased their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Evercore ISI decreased their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Finally, Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a report on Monday, August 5th. One equities 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target 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.