Kentucky Retirement Systems Insurance Trust Fund Decreases Stake in Public Storage (NYSE:PSA)

Kentucky Retirement Systems Insurance Trust Fund lessened its stake in shares of Public Storage (NYSE:PSA) by 8.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,664 shares of the real estate investment trust’s stock after selling 437 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Public Storage were worth $1,697,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Manning & Napier Advisors LLC bought a new stake in Public Storage during the 2nd quarter valued at $14,301,000. Allspring Global Investments Holdings LLC raised its stake in shares of Public Storage by 1.9% during the third 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 acquiring an additional 2,605 shares during the last quarter. PGGM Investments raised its stake in shares of Public Storage by 8.0% during the second quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after acquiring an additional 12,396 shares during the last quarter. Swedbank AB bought a new stake in shares of Public Storage in the first quarter worth about $17,465,000. Finally, Massmutual Trust Co. FSB ADV increased its holdings in Public Storage by 15.6% during 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 purchasing an additional 2,770 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 1.0 %

NYSE:PSA opened at $335.01 on Friday. The stock has a market cap of $58.66 billion, a price-to-earnings ratio of 34.79, a PEG ratio of 5.57 and a beta of 0.70. 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 company’s 50 day moving average price is $345.99 and its 200-day moving average price is $314.26. Public Storage has a 52 week low of $251.49 and a 52 week high of $369.99.

Public Storage Announces Dividend

The firm also recently announced 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. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.58%. Public Storage’s dividend payout ratio is 124.61%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Scotiabank increased their price objective on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Barclays dropped their price target on Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. Truist Financial downgraded 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. Citigroup raised their target price 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. Finally, Royal Bank of Canada reduced 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 report on Friday, November 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $339.64.

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.