BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Trims Position in Public Storage (NYSE:PSA)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its position in shares of Public Storage (NYSE:PSA) by 12.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 26,391 shares of the real estate investment trust’s stock after selling 3,892 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Public Storage were worth $9,603,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Petredis Investment Advisors LLC lifted its stake in shares of Public Storage by 0.4% during the third quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock valued at $2,497,000 after buying an additional 30 shares during the period. S.A. Mason LLC lifted its stake in shares of Public Storage by 3.8% during the third quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust’s stock valued at $300,000 after buying an additional 30 shares during the period. Haverford Trust Co increased its position in Public Storage by 0.7% during the third quarter. Haverford Trust Co now owns 4,282 shares of the real estate investment trust’s stock worth $1,558,000 after purchasing an additional 30 shares during the last quarter. Huntington National Bank increased its position in Public Storage by 5.4% during the third quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock worth $235,000 after purchasing an additional 33 shares during the last quarter. Finally, Chesapeake Wealth Management increased its position in Public Storage by 2.2% during the third quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust’s stock worth $560,000 after purchasing an additional 33 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PSA. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Evercore ISI dropped their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Barclays dropped their price target on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Royal Bank of Canada dropped their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Finally, Morgan Stanley upped their price target on shares of 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 analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $339.64.

Public Storage Price Performance

PSA opened at $348.05 on Monday. The company has a fifty day simple moving average of $342.76 and a 200 day simple moving average of $319.51. The firm has a market cap of $60.95 billion, a price-to-earnings ratio of 36.14, a PEG ratio of 5.79 and a beta of 0.70. Public Storage has a twelve month low of $255.78 and a twelve month high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

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

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 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.