Public Storage (NYSE:PSA) Shares Sold by QRG Capital Management Inc.

QRG Capital Management Inc. trimmed its holdings in shares of Public Storage (NYSE:PSA) by 2.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 19,926 shares of the real estate investment trust’s stock after selling 533 shares during the period. QRG Capital Management Inc.’s holdings in Public Storage were worth $7,251,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PSA. OFI Invest Asset Management acquired a new stake in Public Storage during the second quarter worth about $32,000. Opal Wealth Advisors LLC bought a new stake in shares of Public Storage in the 2nd quarter worth approximately $36,000. Crewe Advisors LLC bought a new stake in shares of Public Storage in the 1st quarter worth approximately $39,000. EdgeRock Capital LLC bought a new position in Public Storage during the 2nd quarter worth $39,000. Finally, LRI Investments LLC acquired a new stake in Public Storage in the first quarter worth $40,000. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PSA shares. Citigroup boosted their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Scotiabank upped their target price on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Evercore ISI cut their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a report on Thursday, August 1st. Finally, Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research note on Monday, August 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $340.71.

Public Storage Stock Performance

NYSE:PSA opened at $340.60 on Wednesday. The company has a 50-day moving average of $347.51 and a 200-day moving average of $310.54. The firm has a market cap of $59.61 billion, a price-to-earnings ratio of 35.37, a price-to-earnings-growth ratio of 4.56 and a beta of 0.70. 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 has a twelve month low of $241.60 and a twelve month high of $369.99.

Public Storage Announces Dividend

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 given a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.52%. Public Storage’s dividend payout ratio (DPR) is 124.61%.

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.