Public Storage (NYSE:PSA) Stake Lowered by Verition Fund Management LLC

Verition Fund Management LLC decreased its position in shares of Public Storage (NYSE:PSA) by 32.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,135 shares of the real estate investment trust’s stock after selling 9,593 shares during the period. Verition Fund Management LLC’s holdings in Public Storage were worth $7,327,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PSA. Prospera Private Wealth LLC acquired a new stake in shares of Public Storage in the third quarter worth about $34,000. Ashton Thomas Securities LLC bought a new stake in Public Storage during the third quarter worth approximately $38,000. OFI Invest Asset Management bought a new position in shares of Public Storage in the second quarter valued at approximately $32,000. Opal Wealth Advisors LLC acquired a new stake in shares of Public Storage in the second quarter worth $36,000. Finally, EdgeRock Capital LLC bought a new stake in shares of Public Storage during the 2nd quarter worth $39,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on PSA shares. Citigroup raised their target price on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Barclays decreased 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 report on Tuesday, November 12th. Evercore ISI reduced their target price on shares of 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. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Finally, Morgan Stanley raised their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $339.64.

Public Storage Stock Performance

Shares of NYSE:PSA opened at $348.05 on Monday. The company’s 50 day simple moving average is $342.76 and its 200 day simple moving average is $319.51. 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 has a 1 year low of $255.78 and a 1 year high of $369.99. The stock has a market capitalization of $60.95 billion, a price-to-earnings ratio of 36.14, a price-to-earnings-growth ratio of 5.79 and a beta of 0.70.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s payout ratio is 124.61%.

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.