OVERSEA CHINESE BANKING Corp Ltd Sells 19,038 Shares of Public Storage (NYSE:PSA)

OVERSEA CHINESE BANKING Corp Ltd lessened its position in shares of Public Storage (NYSE:PSA) by 44.5% in the third quarter, Holdings Channel.com reports. The institutional investor owned 23,737 shares of the real estate investment trust’s stock after selling 19,038 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Public Storage were worth $8,637,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Centersquare Investment Management LLC raised its stake in Public Storage by 17.2% during the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after buying an additional 173,975 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of Public Storage during the second quarter valued at about $14,301,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Public Storage by 1.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock valued at $51,762,000 after buying an additional 2,605 shares during the last quarter. PGGM Investments grew its holdings in shares of Public Storage by 8.0% during the second quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after buying an additional 12,396 shares during the last quarter. Finally, Swedbank AB acquired a new position in shares of Public Storage during the first quarter valued at about $17,465,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Down 0.7 %

NYSE:PSA 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. Public Storage has a 52 week low of $241.60 and a 52 week high of $369.99. The firm has a market capitalization of $58.99 billion, a P/E ratio of 34.98, a P/E/G ratio of 4.78 and a beta of 0.70. The company has a fifty day moving average of $346.80 and a 200 day moving average of $312.59.

Public Storage Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PSA. Barclays lifted their price objective on shares of Public Storage from $374.00 to $381.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Wells Fargo & Company lowered 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 report on Tuesday, November 5th. Citigroup boosted their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Scotiabank boosted their price objective on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Finally, Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $339.71.

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.