Assenagon Asset Management S.A. grew its stake in Public Storage (NYSE:PSA – Free Report) by 26.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,538 shares of the real estate investment trust’s stock after purchasing an additional 941 shares during the period. Assenagon Asset Management S.A.’s holdings in Public Storage were worth $1,325,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. OLD National Bancorp IN grew its position in Public Storage by 35.3% in the 2nd quarter. OLD National Bancorp IN now owns 20,920 shares of the real estate investment trust’s stock worth $6,106,000 after purchasing an additional 5,461 shares during the last quarter. Dfpg Investments LLC grew its position in Public Storage by 91.2% in the 2nd quarter. Dfpg Investments LLC now owns 1,568 shares of the real estate investment trust’s stock worth $459,000 after purchasing an additional 748 shares during the last quarter. Annex Advisory Services LLC grew its position in Public Storage by 18.2% in the 2nd quarter. Annex Advisory Services LLC now owns 10,763 shares of the real estate investment trust’s stock worth $3,142,000 after purchasing an additional 1,658 shares during the last quarter. Achmea Investment Management B.V. grew its position in Public Storage by 61.0% in the 2nd quarter. Achmea Investment Management B.V. now owns 40,616 shares of the real estate investment trust’s stock worth $11,855,000 after purchasing an additional 15,382 shares during the last quarter. Finally, Northwest Bancshares Inc. grew its position in Public Storage by 15.2% in the 2nd quarter. Northwest Bancshares Inc. now owns 17,285 shares of the real estate investment trust’s stock worth $5,045,000 after purchasing an additional 2,275 shares during the last quarter. 78.75% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several analysts have issued reports on the stock. Truist Financial decreased their price target on shares of Public Storage from $320.00 to $305.00 and set a “buy” rating on the stock in a research report on Tuesday, August 29th. The Goldman Sachs Group initiated coverage on shares of Public Storage in a research report on Wednesday, September 27th. They set a “buy” rating and a $310.00 target price on the stock. StockNews.com initiated coverage on shares of Public Storage in a research report on Friday. They set a “hold” rating on the stock. Stifel Nicolaus decreased their target price on shares of Public Storage from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, September 13th. Finally, Morgan Stanley initiated coverage on shares of Public Storage in a research report on Thursday, September 21st. They set an “equal weight” rating and a $250.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Public Storage currently has an average rating of “Moderate Buy” and an average price target of $305.80.
Public Storage Trading Down 0.3 %
Shares of PSA stock opened at $272.12 on Monday. Public Storage has a 12-month low of $254.87 and a 12-month high of $316.48. The company has a market capitalization of $47.85 billion, a P/E ratio of 11.79, a P/E/G ratio of 3.38 and a beta of 0.46. The firm has a 50-day moving average price of $272.52 and a 200 day moving average price of $284.78. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.19.
Public Storage Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, September 28th. Investors of record on Wednesday, September 13th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.41%. The ex-dividend date was Tuesday, September 12th. Public Storage’s dividend payout ratio is currently 51.97%.
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 June 30, 2023, we had: (i) interests in 2,888 self-storage facilities located in 40 states with approximately 206 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 266 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.
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