Northwest & Ethical Investments L.P. Grows Stake in Public Storage (NYSE:PSA)

Northwest & Ethical Investments L.P. raised its position in shares of Public Storage (NYSE:PSA) by 18.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 38,548 shares of the real estate investment trust’s stock after purchasing an additional 6,124 shares during the period. Northwest & Ethical Investments L.P.’s holdings in Public Storage were worth $14,026,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. OFI Invest Asset Management bought a new stake in shares of Public Storage during the second quarter valued at about $32,000. Prospera Private Wealth LLC purchased a new stake in shares of Public Storage in the 3rd quarter valued at about $34,000. Opal Wealth Advisors LLC bought a new stake in shares of Public Storage during the 2nd quarter valued at about $36,000. Ashton Thomas Securities LLC bought a new position in shares of Public Storage in the third quarter worth approximately $38,000. Finally, EdgeRock Capital LLC purchased a new stake in Public Storage in the second quarter valued at approximately $39,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of Public Storage stock traded up $1.32 during trading hours on Thursday, reaching $351.36. The company’s stock had a trading volume of 499,452 shares, compared to its average volume of 714,964. The stock has a market cap of $61.53 billion, a P/E ratio of 36.49, a P/E/G ratio of 5.78 and a beta of 0.70. Public Storage has a one year low of $253.98 and a one year high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a 50 day moving average price of $343.18 and a 200-day moving average price of $318.29.

Public Storage Dividend Announcement

The company 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. This represents a $12.00 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is currently 124.61%.

Analysts Set New Price Targets

A number of brokerages have recently commented on PSA. Morgan Stanley increased 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 cut their price target on shares of 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. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a report on Thursday, August 1st. Citigroup boosted their price target on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Scotiabank lifted their price objective on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $339.64.

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.