Public Storage (NYSE:PSA) Shares Sold by MAI Capital Management

MAI Capital Management lowered its holdings in shares of Public Storage (NYSE:PSA) by 18.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,145 shares of the real estate investment trust’s stock after selling 470 shares during the period. MAI Capital Management’s holdings in Public Storage were worth $780,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of PSA. Swiss National Bank boosted its stake in shares of Public Storage by 0.3% during the third quarter. Swiss National Bank now owns 469,400 shares of the real estate investment trust’s stock worth $170,801,000 after buying an additional 1,300 shares during the period. Thrivent Financial for Lutherans raised its stake in Public Storage by 35.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 46,608 shares of the real estate investment trust’s stock valued at $16,959,000 after acquiring an additional 12,249 shares during the last quarter. Claro Advisors LLC acquired a new stake in Public Storage during the 3rd quarter worth approximately $227,000. Chesapeake Capital Corp IL purchased a new position in shares of Public Storage in the 3rd quarter valued at approximately $857,000. Finally, Natixis Advisors LLC increased its holdings in shares of Public Storage by 2.6% in the third quarter. Natixis Advisors LLC now owns 62,958 shares of the real estate investment trust’s stock valued at $22,908,000 after purchasing an additional 1,578 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on PSA shares. Jefferies Financial Group lifted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a report on Thursday, August 1st. Wells Fargo & Company dropped their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Morgan Stanley raised their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Scotiabank boosted their target price on 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 research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Public Storage has an average rating of “Moderate Buy” and a consensus price target of $339.64.

Public Storage Stock Performance

Shares of PSA stock opened at $337.24 on Friday. The stock has a fifty day moving average price of $344.25 and a 200 day moving average price of $315.91. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market cap of $59.05 billion, a PE ratio of 35.02, a P/E/G ratio of 5.56 and a beta of 0.70. Public Storage has a 1 year low of $251.49 and a 1 year high of $369.99.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.56%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

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.