State of New Jersey Common Pension Fund D Raises Position in Public Storage (NYSE:PSA)

State of New Jersey Common Pension Fund D grew its stake in shares of Public Storage (NYSE:PSA) by 1.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 108,904 shares of the real estate investment trust’s stock after purchasing an additional 1,582 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.06% of Public Storage worth $39,627,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PSA. Axxcess Wealth Management LLC raised its position in Public Storage by 68.2% during the third quarter. Axxcess Wealth Management LLC now owns 1,709 shares of the real estate investment trust’s stock worth $622,000 after acquiring an additional 693 shares during the last quarter. Legacy Capital Wealth Partners LLC acquired a new position in shares of Public Storage during the 3rd quarter worth approximately $224,000. Sigma Planning Corp purchased a new stake in Public Storage in the 3rd quarter valued at approximately $238,000. 17 Capital Partners LLC acquired a new stake in Public Storage during the 3rd quarter valued at $412,000. Finally, XML Financial LLC increased its position in Public Storage by 1.4% during the third quarter. XML Financial LLC now owns 8,449 shares of the real estate investment trust’s stock worth $3,074,000 after buying an additional 113 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PSA. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research report on Monday, August 5th. Citigroup upped their price objective on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Evercore ISI lowered their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Royal Bank of Canada decreased their price objective on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday. Finally, Morgan Stanley upped their target price on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $339.71.

Public Storage Stock Up 1.9 %

Shares of NYSE PSA traded up $6.29 on Friday, hitting $339.42. The company had a trading volume of 611,198 shares, compared to its average volume of 735,101. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 12-month low of $241.60 and a 12-month high of $369.99. The firm has a market capitalization of $59.44 billion, a P/E ratio of 35.25, a PEG ratio of 4.78 and a beta of 0.70. The business has a 50 day moving average of $346.94 and a two-hundred day moving average of $311.69.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.54%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is 124.61%.

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.