Public Storage (NYSE:PSA) Shares Bought by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. raised its stake in shares of Public Storage (NYSE:PSA) by 13.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,308 shares of the real estate investment trust’s stock after purchasing an additional 1,091 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Public Storage were worth $3,387,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Canada Pension Plan Investment Board boosted its position in Public Storage by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock valued at $319,270,000 after buying an additional 281,800 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Public Storage by 4.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after acquiring an additional 219,391 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Public Storage by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after acquiring an additional 217,487 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Public Storage by 116.7% in the second quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock worth $111,077,000 after acquiring an additional 208,546 shares during the period. Finally, Panagora Asset Management Inc. raised its holdings in shares of Public Storage by 1,980.9% during the second quarter. Panagora Asset Management Inc. now owns 144,185 shares of the real estate investment trust’s stock worth $41,475,000 after purchasing an additional 137,256 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 1.0 %

PSA stock opened at $335.01 on Friday. Public Storage has a 52 week low of $251.49 and a 52 week high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a 50-day simple moving average of $346.21 and a 200-day simple moving average of $313.38. The stock has a market capitalization of $58.66 billion, a P/E ratio of 34.51, a P/E/G ratio of 5.57 and a beta of 0.70.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a dividend of $3.00 per share. The ex-dividend date is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.58%. Public Storage’s payout ratio is currently 124.61%.

Analyst Ratings Changes

Several research firms have commented on PSA. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a report on Thursday, August 1st. Citigroup raised their target price on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Royal Bank of Canada decreased their price target on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Morgan Stanley upped their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. 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 assigned a strong buy rating to the stock. According to data from MarketBeat, Public Storage currently has an average rating of “Moderate Buy” and a consensus target price of $339.64.

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.