Public Storage (NYSE:PSA) Shares Sold by Northwest Bancshares Inc.

Northwest Bancshares Inc. reduced its position in shares of Public Storage (NYSE:PSA) by 16.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,791 shares of the real estate investment trust’s stock after selling 3,257 shares during the period. Public Storage comprises approximately 1.0% of Northwest Bancshares Inc.’s holdings, making the stock its 24th largest holding. Northwest Bancshares Inc.’s holdings in Public Storage were worth $6,110,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PSA. OFI Invest Asset Management acquired a new stake in shares of Public Storage during the 2nd quarter valued at approximately $32,000. Prospera Private Wealth LLC bought a new stake in Public Storage in the third quarter valued at $34,000. Opal Wealth Advisors LLC bought a new stake in Public Storage in the second quarter valued at $36,000. Ashton Thomas Securities LLC bought a new stake in Public Storage in the third quarter valued at $38,000. Finally, Crewe Advisors LLC bought a new stake in Public Storage in the first quarter valued at $39,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Price Performance

Shares of Public Storage stock opened at $334.50 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The company’s 50-day moving average price is $345.22 and its two-hundred day moving average price is $315.64. Public Storage has a 52 week low of $251.49 and a 52 week high of $369.99. The stock has a market cap of $58.57 billion, a PE ratio of 34.74, a price-to-earnings-growth ratio of 5.57 and a beta of 0.70.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued 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 3.59%. Public Storage’s payout ratio is presently 124.61%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PSA. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Barclays cut their target price on Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 12th. Morgan Stanley raised their target price on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group lifted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $339.64.

Public Storage Company 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.