Public Storage (NYSE:PSA) is Duff & Phelps Investment Management Co.’s 6th Largest Position

Duff & Phelps Investment Management Co. cut its stake in Public Storage (NYSE:PSA) by 6.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 555,200 shares of the real estate investment trust’s stock after selling 36,160 shares during the quarter. Public Storage makes up approximately 2.3% of Duff & Phelps Investment Management Co.’s portfolio, making the stock its 6th largest holding. Duff & Phelps Investment Management Co. owned approximately 0.32% of Public Storage worth $202,021,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Barclays PLC boosted its stake in shares of Public Storage by 2.9% in the third quarter. Barclays PLC now owns 465,653 shares of the real estate investment trust’s stock worth $169,433,000 after acquiring an additional 13,065 shares during the last quarter. Continuum Advisory LLC lifted its holdings in Public Storage by 7.6% in the 3rd quarter. Continuum Advisory LLC now owns 549 shares of the real estate investment trust’s stock valued at $182,000 after purchasing an additional 39 shares in the last quarter. Geller Advisors LLC acquired a new stake in Public Storage during the 3rd quarter worth $216,000. Public Employees Retirement System of Ohio boosted its position in Public Storage by 1.8% during the third quarter. Public Employees Retirement System of Ohio now owns 322,385 shares of the real estate investment trust’s stock worth $117,306,000 after acquiring an additional 5,613 shares during the last quarter. Finally, SGL Investment Advisors Inc. purchased a new stake in shares of Public Storage in the third quarter valued at approximately $4,710,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on PSA. Wolfe Research raised Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Wells Fargo & Company decreased their target price on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Evercore ISI dropped 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. Morgan Stanley lifted their price target on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Citigroup increased their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $342.07.

Public Storage Trading Up 0.4 %

Shares of NYSE:PSA opened at $334.00 on Monday. The company has a market cap of $58.49 billion, a PE ratio of 34.68, a P/E/G ratio of 5.56 and a beta of 0.71. The company’s 50 day moving average is $340.38 and its two-hundred day moving average is $321.30. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $3.00 per share. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.59%. Public Storage’s dividend payout ratio is currently 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.