Public Storage (NYSE:PSA) Shares Bought by BNP Paribas Financial Markets

BNP Paribas Financial Markets grew its holdings in shares of Public Storage (NYSE:PSA) by 80.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 218,867 shares of the real estate investment trust’s stock after purchasing an additional 97,302 shares during the period. BNP Paribas Financial Markets’ holdings in Public Storage were worth $79,639,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PSA. Manning & Napier Advisors LLC acquired a new stake in shares of Public Storage in the 2nd quarter worth approximately $14,301,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Public Storage by 1.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock worth $51,762,000 after acquiring an additional 2,605 shares during the period. PGGM Investments grew its holdings in shares of Public Storage by 8.0% in the 2nd quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock worth $48,162,000 after acquiring an additional 12,396 shares during the period. Massmutual Trust Co. FSB ADV grew its holdings in shares of Public Storage by 15.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 20,566 shares of the real estate investment trust’s stock worth $5,916,000 after acquiring an additional 2,770 shares during the period. Finally, Swedbank AB acquired a new stake in shares of Public Storage in the 1st quarter worth approximately $17,465,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Trading Up 0.4 %

Shares of Public Storage stock opened at $351.36 on Thursday. Public Storage has a fifty-two week low of $253.98 and a fifty-two week high of $369.99. The firm has a market cap of $61.53 billion, a PE ratio of 36.49, a P/E/G ratio of 5.78 and a beta of 0.70. The business’s fifty day moving average is $343.18 and its two-hundred day moving average is $318.29. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date is Friday, December 13th. Public Storage’s dividend payout ratio is presently 124.61%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company lowered their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Scotiabank increased their target price on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Royal Bank of Canada lowered their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Citigroup increased 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. Finally, Jefferies Financial Group increased their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.