CIBC Asset Management Inc Buys 1,665 Shares of Public Storage (NYSE:PSA)

CIBC Asset Management Inc grew its stake in shares of Public Storage (NYSE:PSA) by 7.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 23,769 shares of the real estate investment trust’s stock after purchasing an additional 1,665 shares during the quarter. CIBC Asset Management Inc’s holdings in Public Storage were worth $8,649,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its position in Public Storage by 4.2% in the first 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 purchasing an additional 219,391 shares during the last quarter. APG Asset Management US Inc. increased its position in Public Storage by 4.8% in the second 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 purchasing an additional 100,000 shares during the last quarter. Canada Pension Plan Investment Board increased its position in 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 worth $343,968,000 after purchasing an additional 95,080 shares during the last quarter. Clearbridge Investments LLC increased its position in Public Storage by 0.3% in the first quarter. Clearbridge Investments LLC now owns 863,999 shares of the real estate investment trust’s stock worth $250,612,000 after purchasing an additional 2,971 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its position in Public Storage by 9.7% in the second quarter. Daiwa Securities Group Inc. now owns 707,952 shares of the real estate investment trust’s stock worth $203,642,000 after purchasing an additional 62,784 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of Public Storage stock opened at $335.01 on Friday. The company has a market capitalization of $58.66 billion, a PE ratio of 34.79, a P/E/G ratio of 5.57 and a beta of 0.70. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The company has a 50-day simple moving average of $345.99 and a two-hundred day simple moving average of $314.26. Public Storage has a one year low of $251.49 and a one year high of $369.99.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders 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 dividend yield of 3.58%. Public Storage’s dividend payout ratio (DPR) is currently 124.61%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PSA shares. Evercore ISI reduced their price target on shares of 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. Citigroup lifted their price objective on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Jefferies Financial Group lifted their price objective on shares of 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 shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research note on Monday, August 5th. Finally, Scotiabank lifted their price objective on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. One research 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. According to MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and an average price target of $339.64.

Public Storage Company 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.