Elo Mutual Pension Insurance Co Purchases 1,974 Shares of Public Storage (NYSE:PSA)

Elo Mutual Pension Insurance Co lifted its holdings in shares of Public Storage (NYSE:PSA) by 14.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,935 shares of the real estate investment trust’s stock after buying an additional 1,974 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Public Storage were worth $4,772,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PSA. State Street Corp lifted its holdings in Public Storage by 0.5% during the 3rd quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock worth $3,773,571,000 after purchasing an additional 55,123 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Public Storage by 1.4% during the third quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust’s stock valued at $1,425,941,000 after buying an additional 52,807 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Public Storage by 732.9% in 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 worth $561,763,000 after buying an additional 1,358,493 shares in the last quarter. Adelante Capital Management LLC boosted its position in shares of Public Storage by 389.9% in 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 during the period. Finally, Bank of New York Mellon Corp grew its stake in Public Storage by 2.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust’s stock valued at $328,677,000 after acquiring an additional 21,165 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on PSA. Wells Fargo & Company cut their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and lifted their price objective for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Barclays restated an “overweight” rating and issued a $354.00 target price (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Scotiabank dropped their price target on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 5th. Finally, Truist Financial decreased their price objective on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research report on Tuesday, March 18th. Seven research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $338.00.

Public Storage Price Performance

PSA stock opened at $292.21 on Friday. The firm has a market cap of $51.26 billion, a P/E ratio of 30.34, a P/E/G ratio of 4.91 and a beta of 0.73. The firm’s fifty day moving average is $299.95 and its 200 day moving average is $320.70. Public Storage has a 52 week low of $256.31 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.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be paid a dividend of $3.00 per share. The ex-dividend date is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.11%. Public Storage’s dividend payout ratio (DPR) is currently 112.89%.

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.