Public Storage (NYSE:PSA) Shares Sold by Dai ichi Life Insurance Company Ltd

Dai ichi Life Insurance Company Ltd lessened its stake in shares of Public Storage (NYSE:PSA) by 39.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,054 shares of the real estate investment trust’s stock after selling 4,000 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Public Storage were worth $2,203,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. OFI Invest Asset Management purchased a new stake in shares of Public Storage in the 2nd quarter valued at approximately $32,000. Prospera Private Wealth LLC purchased a new position in Public Storage in the third quarter worth approximately $34,000. Opal Wealth Advisors LLC acquired a new stake in Public Storage during the second quarter worth $36,000. Ashton Thomas Securities LLC purchased a new stake in Public Storage in the third quarter valued at $38,000. Finally, EdgeRock Capital LLC acquired a new position in shares of Public Storage in the 2nd quarter valued at $39,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of PSA opened at $351.36 on Thursday. Public Storage has a 1 year low of $253.98 and a 1 year high of $369.99. The stock has a market capitalization of $61.53 billion, a PE ratio of 36.49, a PEG ratio of 5.78 and a beta of 0.70. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a 50-day simple moving average of $343.18 and a 200-day simple moving average of $318.29.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.42%. The ex-dividend date is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Morgan Stanley raised their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Scotiabank lifted their price target on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Royal Bank of Canada decreased their price objective on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Evercore ISI dropped 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 report on Monday, October 14th. Finally, Jefferies Financial Group upped their price target on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and an average target price of $339.64.

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.