Public Storage (NYSE:PSA) Stake Raised by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. grew its holdings in Public Storage (NYSE:PSA) by 2.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,813,136 shares of the real estate investment trust’s stock after purchasing an additional 54,992 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Public Storage were worth $1,023,080,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PSA. Manning & Napier Advisors LLC acquired a new position in Public Storage in the 2nd quarter valued at approximately $14,301,000. Allspring Global Investments Holdings LLC lifted its position in Public Storage by 1.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock worth $51,762,000 after acquiring an additional 2,605 shares during the last quarter. PGGM Investments boosted its stake in Public Storage by 8.0% during the 2nd quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after purchasing an additional 12,396 shares during the period. Swedbank AB acquired a new stake in shares of Public Storage during the 1st quarter worth approximately $17,465,000. Finally, Massmutual Trust Co. FSB ADV increased its position in shares of Public Storage by 15.6% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 20,566 shares of the real estate investment trust’s stock worth $5,916,000 after purchasing an additional 2,770 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Performance

PSA opened at $331.99 on Thursday. The business has a fifty day simple moving average of $344.69 and a 200 day simple moving average of $315.76. Public Storage has a 1 year low of $251.49 and a 1 year high of $369.99. The company has a market capitalization of $58.13 billion, a PE ratio of 34.56, a price-to-earnings-growth ratio of 5.56 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 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. This represents a $12.00 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Analyst Ratings Changes

A number of equities research analysts recently commented on PSA shares. Barclays decreased their price target on Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 12th. Evercore ISI reduced their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Truist Financial cut 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. Royal Bank of Canada cut their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Finally, Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.