Verition Fund Management LLC Has $7.33 Million Stake in Public Storage (NYSE:PSA)

Verition Fund Management LLC reduced its stake in Public Storage (NYSE:PSA) by 32.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,135 shares of the real estate investment trust’s stock after selling 9,593 shares during the quarter. Verition Fund Management LLC’s holdings in Public Storage were worth $7,327,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PSA. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Public Storage by 732.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock worth $561,763,000 after purchasing an additional 1,358,493 shares during the period. FMR LLC lifted its holdings in Public Storage by 20.9% in the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after buying an additional 869,066 shares during the period. Daiwa Securities Group Inc. boosted its position in Public Storage by 57.3% during the third quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock valued at $405,278,000 after acquiring an additional 405,847 shares during the last quarter. AQR Capital Management LLC grew its holdings in Public Storage by 116.7% during the 2nd 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 position in shares of Public Storage by 1,980.9% in the 2nd quarter. Panagora Asset Management Inc. now owns 144,185 shares of the real estate investment trust’s stock worth $41,475,000 after acquiring an additional 137,256 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on PSA. Wells Fargo & Company cut their target price on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. 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 report on Friday, August 30th. Jefferies Financial Group boosted their target price on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Finally, Evercore ISI decreased 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 note on Monday, October 14th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $339.64.

Public Storage Trading Down 0.9 %

NYSE:PSA opened at $348.05 on Monday. Public Storage has a 52 week low of $255.78 and a 52 week high of $369.99. The firm has a 50-day moving average price of $342.76 and a two-hundred day moving average price of $319.51. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $60.95 billion, a price-to-earnings ratio of 36.14, a price-to-earnings-growth ratio of 5.79 and a beta of 0.70.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend 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.