QRG Capital Management Inc. Has $7.25 Million Holdings in Public Storage (NYSE:PSA)

QRG Capital Management Inc. decreased its holdings in Public Storage (NYSE:PSA) by 2.6% during the third quarter, Holdings Channel.com reports. The firm owned 19,926 shares of the real estate investment trust’s stock after selling 533 shares during the period. QRG Capital Management Inc.’s holdings in Public Storage were worth $7,251,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. National Pension Service increased its stake in Public Storage by 12.2% in the 3rd quarter. National Pension Service now owns 410,515 shares of the real estate investment trust’s stock valued at $149,374,000 after buying an additional 44,612 shares during the period. Northeast Investment Management purchased a new position in shares of Public Storage during the 3rd quarter valued at $244,000. Robeco Institutional Asset Management B.V. increased its stake in shares of Public Storage by 8.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 10,132 shares of the real estate investment trust’s stock worth $3,687,000 after acquiring an additional 769 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Public Storage by 11.0% during the third quarter. Van ECK Associates Corp now owns 100,099 shares of the real estate investment trust’s stock worth $34,011,000 after acquiring an additional 9,901 shares in the last quarter. Finally, Whitener Capital Management Inc. boosted its position in Public Storage by 11.4% during the third quarter. Whitener Capital Management Inc. now owns 1,436 shares of the real estate investment trust’s stock valued at $523,000 after purchasing an additional 147 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on PSA. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research report on Thursday, August 1st. Scotiabank raised their price objective on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Citigroup lifted their target price on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Morgan Stanley increased their price target on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Finally, Barclays lifted their price objective on shares of Public Storage from $374.00 to $381.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. One analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $340.71.

Public Storage Price Performance

NYSE PSA opened at $340.60 on Wednesday. The stock has a 50-day simple moving average of $347.51 and a 200 day simple moving average of $310.54. Public Storage has a twelve month low of $241.60 and a twelve month high of $369.99. The stock has a market capitalization of $59.61 billion, a PE ratio of 35.37, a P/E/G ratio of 4.56 and a beta of 0.70. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued 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 3.52%. Public Storage’s dividend payout ratio (DPR) is presently 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.