Public Storage (NYSE:PSA) Shares Purchased by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Public Storage (NYSE:PSA) by 2.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 105,014 shares of the real estate investment trust’s stock after buying an additional 2,330 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.06% of Public Storage worth $38,211,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. CreativeOne Wealth LLC acquired a new position in shares of Public Storage during the third quarter valued at $248,000. Townsquare Capital LLC boosted its position in shares of Public Storage by 42.6% in the 3rd quarter. Townsquare Capital LLC now owns 3,981 shares of the real estate investment trust’s stock valued at $1,449,000 after purchasing an additional 1,189 shares during the period. BNP Paribas Financial Markets increased its position in shares of Public Storage by 80.0% in the third quarter. BNP Paribas Financial Markets now owns 218,867 shares of the real estate investment trust’s stock worth $79,639,000 after acquiring an additional 97,302 shares in the last quarter. Shum Financial Group Inc. purchased a new position in Public Storage during the 3rd quarter worth approximately $728,000. Finally, Avestar Capital LLC acquired a new position in Public Storage during the third quarter valued at $252,000. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Barclays cut their price objective on Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a report on Tuesday, November 12th. Royal Bank of Canada cut their price objective on 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. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research note on Monday, August 5th. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research report on Thursday, August 1st. Finally, Wells Fargo & Company reduced 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. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $339.64.

Public Storage Price Performance

Shares of PSA opened at $351.36 on Friday. The stock has a 50 day simple moving average of $343.04 and a 200 day simple moving average of $318.52. Public Storage has a 52-week low of $253.98 and a 52-week high of $369.99. 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 firm has a market capitalization of $61.53 billion, a PE ratio of 36.49, a P/E/G ratio of 5.84 and a beta of 0.70.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.42%. Public Storage’s dividend payout ratio is currently 124.61%.

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.