Public Storage (NYSE:PSA) Holdings Trimmed by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its holdings in Public Storage (NYSE:PSA) by 6.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 796,464 shares of the real estate investment trust’s stock after selling 52,001 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.46% of Public Storage worth $289,809,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. OFI Invest Asset Management acquired a new stake in shares of Public Storage during the second quarter worth approximately $32,000. Opal Wealth Advisors LLC purchased a new position in shares of Public Storage during the 2nd quarter valued at $36,000. Ashton Thomas Securities LLC acquired a new position in shares of Public Storage in the third quarter worth $38,000. Crewe Advisors LLC purchased a new stake in shares of Public Storage during the first quarter worth $39,000. Finally, EdgeRock Capital LLC acquired a new stake in Public Storage during the second quarter valued at $39,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Trading Down 0.7 %

Shares of Public Storage stock opened at $336.90 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a market capitalization of $58.99 billion, a P/E ratio of 34.98, a price-to-earnings-growth ratio of 4.78 and a beta of 0.70. Public Storage has a 12-month low of $241.60 and a 12-month high of $369.99. The company has a 50-day simple moving average of $346.80 and a 200 day simple moving average of $312.59.

Public Storage Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.56%. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of recent research reports. Wells Fargo & Company decreased their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Scotiabank increased their price objective on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Barclays increased their price target on Public Storage from $374.00 to $381.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Citigroup upped their price objective on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, Morgan Stanley lifted their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. One equities research 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $339.71.

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.