Korea Investment CORP Buys 20,233 Shares of Public Storage (NYSE:PSA)

Korea Investment CORP raised its stake in Public Storage (NYSE:PSA) by 29.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 89,924 shares of the real estate investment trust’s stock after buying an additional 20,233 shares during the period. Korea Investment CORP owned about 0.05% of Public Storage worth $26,927,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. State Street Corp raised its position in Public Storage by 0.5% during the third quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock valued at $3,773,571,000 after purchasing an additional 55,123 shares in the last quarter. Geode Capital Management LLC lifted its position in Public Storage by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust’s stock worth $1,425,941,000 after buying an additional 52,807 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in 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 grew its position 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 during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of 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 worth $328,677,000 after acquiring an additional 21,165 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PSA. Barclays reaffirmed an “overweight” rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Scotiabank decreased their price objective on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 5th. Truist Financial dropped their target price on Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a report on Tuesday, March 18th. Royal Bank of Canada decreased their price target on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. Finally, Wells Fargo & Company dropped their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Seven equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $338.73.

Public Storage Price Performance

PSA stock opened at $294.25 on Friday. 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. The firm has a 50-day moving average of $299.91 and a 200 day moving average of $320.30. The company has a market cap of $51.62 billion, a P/E ratio of 30.56, a PEG ratio of 4.91 and a beta of 0.73.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were paid a $3.00 dividend. The ex-dividend date was Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.08%. Public Storage’s payout ratio is 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.