Public Storage (NYSE:PSA) Shares Sold by Citigroup Inc.

Citigroup Inc. cut its position in Public Storage (NYSE:PSA) by 6.8% during the third quarter, HoldingsChannel.com reports. The fund owned 174,107 shares of the real estate investment trust’s stock after selling 12,709 shares during the period. Citigroup Inc.’s holdings in Public Storage were worth $63,352,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PSA. OFI Invest Asset Management acquired a new position in shares of Public Storage during the 2nd quarter worth about $32,000. Prospera Private Wealth LLC acquired a new stake in shares of Public Storage in the 3rd quarter valued at about $34,000. Opal Wealth Advisors LLC acquired a new stake in shares of Public Storage in the 2nd quarter valued at about $36,000. Ashton Thomas Securities LLC acquired a new stake in shares of Public Storage in the 3rd quarter valued at about $38,000. Finally, EdgeRock Capital LLC purchased a new stake in Public Storage during the 2nd 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 NYSE PSA opened at $337.58 on Friday. Public Storage has a fifty-two week low of $251.49 and a fifty-two week high of $369.99. The firm’s 50-day simple moving average is $343.82 and its 200 day simple moving average is $316.69. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a market cap of $59.11 billion, a P/E ratio of 35.06, a P/E/G ratio of 5.59 and a beta of 0.70.

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

Analyst Ratings Changes

Several analysts have commented on PSA shares. Barclays reduced their price objective on Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. Scotiabank increased their target price on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. Morgan Stanley increased their target price on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Evercore ISI cut their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Finally, Citigroup upped their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.