KBC Group NV Raises Stock Position in Public Storage (NYSE:PSA)

KBC Group NV raised its holdings in Public Storage (NYSE:PSA) by 54.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 274,707 shares of the real estate investment trust’s stock after buying an additional 96,494 shares during the quarter. KBC Group NV owned about 0.16% of Public Storage worth $99,958,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new position in shares of Public Storage in the 2nd quarter valued at approximately $32,000. Opal Wealth Advisors LLC purchased a new position in shares of Public Storage in the second quarter worth $36,000. Ashton Thomas Securities LLC acquired a new stake in shares of Public Storage during the third quarter worth $38,000. Crewe Advisors LLC purchased a new stake in shares of Public Storage during the first quarter valued at $39,000. Finally, EdgeRock Capital LLC acquired a new position in shares of Public Storage in the 2nd quarter valued at $39,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the company. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a research report on Thursday, August 1st. Royal Bank of Canada dropped their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Evercore ISI cut their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Morgan Stanley lifted 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 note on Wednesday, October 2nd. Finally, Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research note on Monday, August 5th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and a consensus target price of $339.64.

Public Storage Trading Up 1.4 %

PSA stock opened at $334.94 on Thursday. Public Storage has a 52-week low of $250.51 and a 52-week high of $369.99. 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 firm has a market cap of $58.65 billion, a P/E ratio of 34.78, a PEG ratio of 4.66 and a beta of 0.70. The company’s 50-day simple moving average is $346.58 and its 200-day simple moving average is $313.10.

Public Storage Announces Dividend

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 given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is presently 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.