Public Storage (NYSE:PSA) Shares Sold by Montrusco Bolton Investments Inc.

Montrusco Bolton Investments Inc. decreased its position in shares of Public Storage (NYSE:PSA) by 6.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 783,987 shares of the real estate investment trust’s stock after selling 54,958 shares during the quarter. Public Storage comprises approximately 2.9% of Montrusco Bolton Investments Inc.’s portfolio, making the stock its 16th biggest holding. Montrusco Bolton Investments Inc.’s holdings in Public Storage were worth $279,172,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Manning & Napier Advisors LLC purchased a new stake in Public Storage in the 2nd quarter valued at about $14,301,000. Allspring Global Investments Holdings LLC raised its holdings in Public Storage by 1.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock valued at $51,762,000 after buying an additional 2,605 shares during the period. PGGM Investments raised its holdings in Public Storage by 8.0% in the 2nd quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after buying an additional 12,396 shares during the period. Swedbank AB purchased a new stake in Public Storage in the 1st quarter valued at about $17,465,000. Finally, Massmutual Trust Co. FSB ADV raised its holdings in Public Storage by 15.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 20,566 shares of the real estate investment trust’s stock valued at $5,916,000 after buying an additional 2,770 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Up 0.5 %

PSA stock opened at $337.62 on Friday. The company’s 50 day moving average price is $343.82 and its 200 day moving average price is $316.39. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a fifty-two week low of $251.49 and a fifty-two week high of $369.99. The firm has a market capitalization of $59.12 billion, a price-to-earnings ratio of 35.06, a PEG ratio of 5.59 and a beta of 0.70.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.55%. Public Storage’s payout ratio is 124.61%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PSA. Jefferies Financial Group boosted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Scotiabank boosted their price objective on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Royal Bank of Canada cut their price target on shares of 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. Evercore ISI cut 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 note on Monday, October 14th. Finally, Wells Fargo & Company cut their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average 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.