State of New Jersey Common Pension Fund D Increases Position in Public Storage (NYSE:PSA)

State of New Jersey Common Pension Fund D boosted its holdings in Public Storage (NYSE:PSA) by 1.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 108,904 shares of the real estate investment trust’s stock after purchasing an additional 1,582 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Public Storage were worth $39,627,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. 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 acquired a new stake in shares of Public Storage in the 2nd quarter valued at about $36,000. Crewe Advisors LLC bought a new position in shares of Public Storage during the first quarter worth about $39,000. EdgeRock Capital LLC acquired a new position in Public Storage in the second quarter worth about $39,000. Finally, LRI Investments LLC bought a new stake in Public Storage in the first quarter valued at about $40,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Ratings Changes

PSA has been the topic of a number of research analyst reports. Royal Bank of Canada reduced their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday. Barclays boosted their price objective on Public Storage from $374.00 to $381.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research report on Monday, August 5th. Wells Fargo & Company lowered 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 report on Tuesday, November 5th. Finally, 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. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and an average target price of $339.71.

Public Storage Price Performance

Shares of Public Storage stock traded up $6.29 during trading on Friday, hitting $339.42. The stock had a trading volume of 611,198 shares, compared to its average volume of 735,101. The business has a fifty day moving average of $346.94 and a two-hundred day moving average of $311.69. The firm has a market cap of $59.44 billion, a P/E ratio of 35.25, a PEG ratio of 4.78 and a beta of 0.70. Public Storage has a fifty-two week low of $241.60 and a fifty-two week high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97.

Public Storage Dividend Announcement

The firm 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. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.54%. Public Storage’s dividend payout ratio is currently 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.