Penserra Capital Management LLC Has $1.09 Million Stock Holdings in Public Storage (NYSE:PSA)

Penserra Capital Management LLC reduced its stake in Public Storage (NYSE:PSA) by 1.6% during the third quarter, Holdings Channel.com reports. The fund owned 2,989 shares of the real estate investment trust’s stock after selling 50 shares during the period. Penserra Capital Management LLC’s holdings in Public Storage were worth $1,086,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. SVB Wealth LLC lifted its position in shares of Public Storage by 17.8% in the 1st quarter. SVB Wealth LLC now owns 946 shares of the real estate investment trust’s stock worth $274,000 after purchasing an additional 143 shares during the period. Bayesian Capital Management LP bought a new position in Public Storage during the first quarter worth $770,000. B. Riley Wealth Advisors Inc. lifted its holdings in Public Storage by 19.0% in the first quarter. B. Riley Wealth Advisors Inc. now owns 2,639 shares of the real estate investment trust’s stock valued at $765,000 after buying an additional 421 shares during the period. Plato Investment Management Ltd grew its holdings in Public Storage by 413.7% during the 1st quarter. Plato Investment Management Ltd now owns 6,128 shares of the real estate investment trust’s stock worth $1,777,000 after acquiring an additional 4,935 shares during the period. Finally, LRI Investments LLC bought a new position in shares of Public Storage in the 1st quarter worth about $42,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Performance

Shares of PSA opened at $350.04 on Wednesday. The firm has a market capitalization of $61.30 billion, a P/E ratio of 36.35, a P/E/G ratio of 5.61 and a beta of 0.70. Public Storage has a 52 week low of $252.96 and a 52 week high of $369.99. The stock has a 50 day moving average price of $343.37 and a two-hundred day moving average price of $318.06. 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 business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors 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 annualized dividend and a yield of 3.43%. Public Storage’s dividend payout ratio (DPR) is currently 124.61%.

Analyst Ratings Changes

PSA has been the topic of several research analyst reports. Royal Bank of Canada cut their target price on 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. Scotiabank raised their price objective on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Jefferies Financial Group boosted their target price on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Wells Fargo & Company reduced their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Finally, Barclays dropped their price objective on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. One investment 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 data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and an average target price 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.