Harvest Fund Management Co. Ltd Acquires Shares of 1,327 Public Storage (NYSE:PSA)

Harvest Fund Management Co. Ltd bought a new position in shares of Public Storage (NYSE:PSA) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 1,327 shares of the real estate investment trust’s stock, valued at approximately $483,000.

Other institutional investors have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its holdings in Public Storage by 2.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust’s stock worth $1,023,080,000 after acquiring an additional 54,992 shares in the last quarter. APG Asset Management US Inc. lifted its stake in Public Storage by 4.8% in the 2nd quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock valued at $623,485,000 after buying an additional 100,000 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in Public Storage by 8.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock worth $343,968,000 after buying an additional 95,080 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in Public Storage by 57.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock worth $405,278,000 after buying an additional 405,847 shares in the last quarter. Finally, Lasalle Investment Management Securities LLC raised its holdings in shares of Public Storage by 3.4% during the first quarter. Lasalle Investment Management Securities LLC now owns 541,835 shares of the real estate investment trust’s stock valued at $157,165,000 after acquiring an additional 17,701 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PSA has been the subject of several research reports. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a research report on Monday, August 5th. Royal Bank of Canada cut 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, November 8th. Morgan Stanley lifted their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Barclays reduced their target price on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Finally, Wells Fargo & Company dropped their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $339.64.

Public Storage Trading Up 0.6 %

PSA opened at $350.04 on Wednesday. The firm has a market cap of $61.30 billion, a price-to-earnings ratio of 36.35, a price-to-earnings-growth ratio of 5.78 and a beta of 0.70. Public Storage has a 52 week low of $252.96 and a 52 week high of $369.99. The business’s 50 day moving average is $343.37 and its two-hundred day moving average is $318.06. 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a $3.00 dividend. The ex-dividend date is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.43%. Public Storage’s payout ratio is 124.61%.

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.