Public Storage (NYSE:PSA) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lowered its stake in shares of Public Storage (NYSE:PSA) by 13.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 785 shares of the real estate investment trust’s stock after selling 118 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Public Storage were worth $286,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Public Storage by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after acquiring an additional 217,487 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Public Storage by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after buying an additional 219,391 shares during the last quarter. APG Asset Management US Inc. boosted its position in shares of Public Storage by 4.8% during the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock worth $623,485,000 after buying an additional 100,000 shares during the period. Canada Pension Plan Investment Board grew 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 in the last quarter. Finally, Centersquare Investment Management LLC increased its position in Public Storage by 17.2% in the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after acquiring an additional 173,975 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Performance

Shares of NYSE PSA opened at $323.66 on Monday. Public Storage has a one year low of $241.60 and a one year high of $369.99. The business’s 50-day moving average price is $347.69 and its two-hundred day moving average price is $309.47. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.93. The company has a market capitalization of $56.65 billion, a P/E ratio of 33.61, a price-to-earnings-growth ratio of 4.64 and a beta of 0.70.

Public Storage Dividend Announcement

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 given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.71%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s payout ratio is presently 124.61%.

Analysts Set New Price Targets

PSA has been the subject of several recent analyst reports. 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 research note on Wednesday, October 2nd. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research note on Thursday, August 1st. Wells Fargo & Company upped their price target on shares of Public Storage from $320.00 to $375.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Royal Bank of Canada assumed coverage on shares of Public Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective on the stock. Finally, Scotiabank boosted their price target 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. One 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $341.43.

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.