Vestcor Inc Trims Stock Holdings in Public Storage (NYSE:PSA)

Vestcor Inc lowered its stake in shares of Public Storage (NYSE:PSA) by 35.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,310 shares of the real estate investment trust’s stock after selling 8,906 shares during the period. Vestcor Inc’s holdings in Public Storage were worth $5,935,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Public Storage by 732.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock valued at $561,763,000 after buying an additional 1,358,493 shares during the period. Adelante Capital Management LLC grew its stake in Public Storage by 389.9% during the third quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock valued at $532,465,000 after acquiring an additional 1,164,630 shares in the last quarter. FMR LLC increased its holdings in Public Storage by 20.9% during the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock worth $1,828,763,000 after acquiring an additional 869,066 shares during the period. Daiwa Securities Group Inc. lifted its stake in Public Storage by 57.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock worth $405,278,000 after purchasing an additional 405,847 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Public Storage by 116.7% in the 2nd quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock valued at $111,077,000 after purchasing an additional 208,546 shares during the period. 78.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on PSA shares. Scotiabank upped their price target on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Jefferies Financial Group raised their price target on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Evercore ISI dropped their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Morgan Stanley upped their price objective on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Truist Financial lifted their target price on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, six have issued 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, the stock presently has an average rating of “Moderate Buy” and an average price target of $342.07.

Public Storage Stock Up 0.5 %

Shares of NYSE:PSA opened at $335.67 on Tuesday. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock’s 50-day moving average price is $339.82 and its 200-day moving average price is $321.73. The stock has a market capitalization of $58.78 billion, a P/E ratio of 34.86, a price-to-earnings-growth ratio of 5.56 and a beta of 0.71.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.57%. Public Storage’s dividend payout ratio (DPR) 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.