Principal Financial Group Inc. Grows Position in Public Storage (NYSE:PSA)

Principal Financial Group Inc. increased its position in Public Storage (NYSE:PSA) by 1.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 214,382 shares of the real estate investment trust’s stock after purchasing an additional 3,973 shares during the quarter. Principal Financial Group Inc. owned approximately 0.12% of Public Storage worth $78,007,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. OFI Invest Asset Management purchased a new position in Public Storage during the second quarter valued at $32,000. Opal Wealth Advisors LLC purchased a new position in Public Storage during the second quarter valued at $36,000. Crewe Advisors LLC purchased a new position in Public Storage during the first quarter valued at $39,000. EdgeRock Capital LLC purchased a new position in Public Storage during the second quarter valued at $39,000. Finally, LRI Investments LLC purchased a new position in Public Storage during the first quarter valued at $40,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Royal Bank of Canada lowered their price objective on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday. Jefferies Financial Group lifted their price objective on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Wells Fargo & Company lowered their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Morgan Stanley lifted their target price on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Barclays lifted their target price on Public Storage from $374.00 to $381.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $339.71.

Public Storage Stock Performance

Shares of PSA opened at $339.42 on Friday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a one year low of $241.60 and a one year high of $369.99. The firm has a market capitalization of $59.44 billion, a P/E ratio of 35.25, a PEG ratio of 4.58 and a beta of 0.70. The business has a fifty day moving average of $346.94 and a 200 day moving average of $311.34.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors 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 yield of 3.54%. 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.