Daiwa Securities Group Inc. Raises Stock Position in Public Storage (NYSE:PSA)

Daiwa Securities Group Inc. lifted its holdings in shares of Public Storage (NYSE:PSA) by 57.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,113,799 shares of the real estate investment trust’s stock after acquiring an additional 405,847 shares during the quarter. Public Storage comprises approximately 1.9% of Daiwa Securities Group Inc.’s holdings, making the stock its 13th biggest holding. Daiwa Securities Group Inc. owned approximately 0.64% of Public Storage worth $405,278,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Summit Trail Advisors LLC raised its position in Public Storage by 12.9% in the third quarter. Summit Trail Advisors LLC now owns 1,516 shares of the real estate investment trust’s stock valued at $552,000 after purchasing an additional 173 shares during the period. Larson Financial Group LLC grew its stake in shares of Public Storage by 3,714.6% in the third quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust’s stock valued at $666,000 after buying an additional 1,783 shares in the last quarter. Sompo Asset Management Co. Ltd. raised its holdings in shares of Public Storage by 17.8% during the 3rd quarter. Sompo Asset Management Co. Ltd. now owns 3,040 shares of the real estate investment trust’s stock valued at $1,106,000 after buying an additional 460 shares during the period. Swedbank AB raised its holdings in shares of Public Storage by 31.9% during the 3rd quarter. Swedbank AB now owns 154,167 shares of the real estate investment trust’s stock valued at $56,097,000 after buying an additional 37,285 shares during the period. Finally, Pitcairn Co. lifted its position in Public Storage by 5.2% during the 3rd quarter. Pitcairn Co. now owns 1,031 shares of the real estate investment trust’s stock worth $375,000 after acquiring an additional 51 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Up 0.5 %

PSA stock opened at $337.58 on Friday. The firm has a market cap of $59.11 billion, a price-to-earnings ratio of 35.06, a PEG ratio of 5.59 and a beta of 0.70. Public Storage has a 1-year low of $251.49 and a 1-year high of $369.99. The firm has a fifty day moving average price of $343.82 and a two-hundred day moving average price of $316.69. 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 Announces Dividend

The firm 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 dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date is Friday, December 13th. Public Storage’s dividend payout ratio is presently 124.61%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PSA shares. Wells Fargo & Company dropped their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Barclays dropped their price target on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 12th. Morgan Stanley upped their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Evercore ISI dropped their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Finally, Citigroup boosted 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 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 given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $339.64.

Public Storage Profile

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.