Citigroup Inc. Has $63.35 Million Stock Holdings in Public Storage (NYSE:PSA)

Citigroup Inc. reduced its position in shares of Public Storage (NYSE:PSA) by 6.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 174,107 shares of the real estate investment trust’s stock after selling 12,709 shares during the quarter. Citigroup Inc. owned about 0.10% of Public Storage worth $63,352,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Raymond James Trust N.A. increased its holdings in Public Storage by 11.2% during the 3rd quarter. Raymond James Trust N.A. now owns 2,193 shares of the real estate investment trust’s stock worth $798,000 after purchasing an additional 221 shares in the last quarter. Lathrop Investment Management Corp bought a new position in shares of Public Storage in the third quarter valued at approximately $243,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Public Storage by 2.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust’s stock valued at $1,023,080,000 after acquiring an additional 54,992 shares in the last quarter. L & S Advisors Inc grew its holdings in Public Storage by 40.1% during the third quarter. L & S Advisors Inc now owns 11,122 shares of the real estate investment trust’s stock valued at $4,047,000 after purchasing an additional 3,185 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in Public Storage by 114.2% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust’s stock valued at $33,302,000 after acquiring an additional 48,803 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Price Performance

PSA opened at $337.58 on Friday. Public Storage has a 12-month low of $251.49 and a 12-month high of $369.99. The business’s fifty day simple moving average is $343.82 and its 200-day simple moving average is $316.69. The company has a market capitalization of $59.11 billion, a price-to-earnings ratio of 35.06, a PEG ratio of 5.59 and a beta of 0.70. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.55%. The ex-dividend date is Friday, December 13th. Public Storage’s payout ratio is 124.61%.

Analysts Set New Price Targets

A number of brokerages have weighed in on PSA. Evercore ISI cut their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Morgan Stanley increased their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a research report on Monday, August 5th. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Royal Bank of Canada cut their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $339.64.

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.