Dai ichi Life Insurance Company Ltd Trims Position in Public Storage (NYSE:PSA)

Dai ichi Life Insurance Company Ltd reduced its holdings in Public Storage (NYSE:PSA) by 39.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,054 shares of the real estate investment trust’s stock after selling 4,000 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Public Storage were worth $2,203,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company grew its position in Public Storage by 2.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 112,018 shares of the real estate investment trust’s stock worth $40,760,000 after purchasing an additional 2,860 shares during the period. Bank of Montreal Can boosted its stake in shares of Public Storage by 2.4% in the third quarter. Bank of Montreal Can now owns 196,169 shares of the real estate investment trust’s stock worth $69,962,000 after buying an additional 4,583 shares during the last quarter. Loomis Sayles & Co. L P raised its position in Public Storage by 3,133.3% during the third quarter. Loomis Sayles & Co. L P now owns 291 shares of the real estate investment trust’s stock valued at $106,000 after acquiring an additional 282 shares in the last quarter. Independent Advisor Alliance lifted its holdings in Public Storage by 49.1% in the third quarter. Independent Advisor Alliance now owns 1,258 shares of the real estate investment trust’s stock valued at $458,000 after acquiring an additional 414 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new stake in Public Storage in the 3rd quarter worth approximately $483,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Public Storage stock opened at $351.36 on Thursday. The company has a fifty day simple moving average of $343.18 and a 200-day simple moving average of $318.29. The firm has a market capitalization of $61.53 billion, a price-to-earnings ratio of 36.49, a PEG ratio of 5.78 and a beta of 0.70. 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 52-week low of $253.98 and a 52-week high of $369.99.

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 dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.42%. Public Storage’s dividend payout ratio is presently 124.61%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PSA. Citigroup lifted their target price on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Scotiabank upped their price objective 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. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Wells Fargo & Company cut their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Finally, Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research report on Thursday, August 1st. 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 issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $339.64.

Public Storage Company 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.