Public Storage (NYSE:PSA) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company boosted its holdings in shares of Public Storage (NYSE:PSA) by 2.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 112,018 shares of the real estate investment trust’s stock after acquiring an additional 2,860 shares during the period. The Manufacturers Life Insurance Company’s holdings in Public Storage were worth $40,760,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Petredis Investment Advisors LLC raised its position in Public Storage by 0.4% during the third quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock worth $2,497,000 after acquiring an additional 30 shares during the last quarter. S.A. Mason LLC raised its position in shares of Public Storage by 3.8% in the third quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust’s stock valued at $300,000 after buying an additional 30 shares during the last quarter. Haverford Trust Co raised its position in shares of Public Storage by 0.7% in the third quarter. Haverford Trust Co now owns 4,282 shares of the real estate investment trust’s stock valued at $1,558,000 after buying an additional 30 shares during the last quarter. Huntington National Bank raised its position in shares of Public Storage by 5.4% in the third quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock valued at $235,000 after buying an additional 33 shares during the last quarter. Finally, Chesapeake Wealth Management raised its position in shares of Public Storage by 2.2% in the third quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust’s stock valued at $560,000 after buying an additional 33 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Trading Up 0.4 %

Shares of PSA opened at $351.36 on Friday. 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 firm has a market capitalization of $61.53 billion, a P/E ratio of 36.49, a price-to-earnings-growth ratio of 5.78 and a beta of 0.70. The stock’s fifty day simple moving average is $343.04 and its 200 day simple moving average is $318.52. Public Storage has a twelve month low of $253.98 and a twelve month high of $369.99.

Public Storage Announces Dividend

The business 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 annualized dividend 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 presently 124.61%.

Wall Street Analysts Forecast Growth

PSA has been the subject of several analyst reports. Morgan Stanley boosted their price target on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Evercore ISI reduced their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. 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 research note on Wednesday, September 18th. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research note on Monday, August 5th. Finally, Citigroup increased their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat, 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.