Royal London Asset Management Ltd. Has $24.08 Million Stake in Public Storage (NYSE:PSA)

Royal London Asset Management Ltd. grew its holdings in shares of Public Storage (NYSE:PSA) by 2.9% in the third quarter, HoldingsChannel.com reports. The fund owned 66,166 shares of the real estate investment trust’s stock after acquiring an additional 1,866 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Public Storage were worth $24,076,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in PSA. Allspring Global Investments Holdings LLC grew its stake in 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 worth $51,762,000 after purchasing an additional 2,605 shares during the period. PGGM Investments grew its position in shares of Public Storage by 8.0% during the 2nd quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock worth $48,162,000 after buying an additional 12,396 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of Public Storage by 114.2% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust’s stock worth $33,302,000 after buying an additional 48,803 shares during the period. Larson Financial Group LLC increased its stake in shares of Public Storage by 3,714.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust’s stock valued at $666,000 after acquiring an additional 1,783 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its position in shares of Public Storage by 4.1% during the 3rd quarter. Handelsbanken Fonder AB now owns 72,741 shares of the real estate investment trust’s stock valued at $26,468,000 after acquiring an additional 2,832 shares during the period. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

PSA opened at $333.95 on Friday. The firm’s fifty day moving average price is $340.84 and its two-hundred day moving average price is $320.43. The company has a market capitalization of $58.48 billion, a price-to-earnings ratio of 34.68, a P/E/G ratio of 5.57 and a beta of 0.71. 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 has a 1 year low of $256.31 and a 1 year high of $369.99.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders 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 yield of 3.59%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s payout ratio is 124.61%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Morgan Stanley raised their price target on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Royal Bank of Canada decreased their target price 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. Jefferies Financial Group increased their price target on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Scotiabank boosted their price objective on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Finally, Citigroup upped their target price on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $342.07.

About Public Storage

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.