Mutual of America Capital Management LLC Cuts Position in Public Storage (NYSE:PSA)

Mutual of America Capital Management LLC decreased its stake in Public Storage (NYSE:PSA) by 12.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,396 shares of the real estate investment trust’s stock after selling 2,671 shares during the period. Mutual of America Capital Management LLC’s holdings in Public Storage were worth $7,058,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Intech Investment Management LLC boosted its stake in shares of Public Storage by 91.5% during the 1st quarter. Intech Investment Management LLC now owns 3,743 shares of the real estate investment trust’s stock worth $1,086,000 after acquiring an additional 1,788 shares in the last quarter. Trustmark National Bank Trust Department purchased a new stake in Public Storage during the first quarter worth $204,000. O Shaughnessy Asset Management LLC boosted its position in Public Storage by 18.5% during the first quarter. O Shaughnessy Asset Management LLC now owns 11,649 shares of the real estate investment trust’s stock worth $3,379,000 after purchasing an additional 1,819 shares in the last quarter. Lake Street Advisors Group LLC acquired a new stake in Public Storage in the first quarter valued at $248,000. Finally, Pitcairn Co. increased its position in shares of Public Storage by 15.9% in the first quarter. Pitcairn Co. now owns 868 shares of the real estate investment trust’s stock valued at $252,000 after buying an additional 119 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PSA shares. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a research report on Thursday, August 1st. Evercore ISI lowered their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Citigroup raised their price objective on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Royal Bank of Canada reduced their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Finally, Scotiabank raised their price target on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $339.64.

Public Storage Trading Up 0.7 %

Shares of PSA stock opened at $337.29 on Tuesday. The firm’s 50-day simple moving average is $345.71 and its 200-day simple moving average is $315.16. 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 $251.49 and a 1-year high of $369.99. The firm has a market cap of $59.06 billion, a P/E ratio of 35.02, a PEG ratio of 5.57 and a beta of 0.70.

Public Storage Announces Dividend

The business 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 yield of 3.56%. The ex-dividend date is Friday, December 13th. Public Storage’s dividend payout ratio is currently 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.