Public Storage (NYSE:PSA) Shares Sold by Spinnaker Trust

Spinnaker Trust cut its holdings in Public Storage (NYSE:PSA) by 1.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,452 shares of the real estate investment trust’s stock after selling 66 shares during the quarter. Spinnaker Trust’s holdings in Public Storage were worth $1,256,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently added to or reduced their stakes in PSA. Vanguard Group Inc. lifted its holdings in shares of Public Storage by 1.0% during the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after purchasing an additional 217,487 shares during the period. Price T Rowe Associates Inc. MD raised its position in Public Storage by 4.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after buying an additional 219,391 shares during the last quarter. APG Asset Management US Inc. lifted its stake in shares of Public Storage by 4.8% in the 2nd quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock worth $623,485,000 after acquiring an additional 100,000 shares during the period. Canada Pension Plan Investment Board boosted its holdings in shares of Public Storage by 8.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock valued at $343,968,000 after acquiring an additional 95,080 shares in the last quarter. Finally, Centersquare Investment Management LLC raised its holdings in Public Storage by 17.2% during the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after purchasing an additional 173,975 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PSA shares. Morgan Stanley lifted their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Jefferies Financial Group lifted their price target on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research report on Monday, August 5th. Citigroup boosted their target price on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Barclays increased their price target on shares of Public Storage from $374.00 to $381.00 and gave the company an “overweight” rating in a report on Monday, October 28th. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average target price of $340.71.

Public Storage Price Performance

Shares of PSA traded down $19.64 during mid-day trading on Wednesday, reaching $320.96. 498,589 shares of the company’s stock were exchanged, compared to its average volume of 710,349. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 52-week low of $241.60 and a 52-week high of $369.99. The company has a market cap of $56.17 billion, a price-to-earnings ratio of 35.37, a PEG ratio of 4.69 and a beta of 0.70. The company has a 50-day simple moving average of $347.51 and a two-hundred day simple moving average of $310.54.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a $3.00 dividend. The ex-dividend date is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.74%. Public Storage’s dividend payout ratio (DPR) is 124.61%.

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.