Ontario Teachers Pension Plan Board Reduces Stock Position in Public Storage (NYSE:PSA)

Ontario Teachers Pension Plan Board decreased its holdings in Public Storage (NYSE:PSA) by 55.3% during the third quarter, HoldingsChannel.com reports. The firm owned 10,174 shares of the real estate investment trust’s stock after selling 12,608 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Public Storage were worth $3,702,000 at the end of the most recent quarter.

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

Public Storage Stock Down 0.8 %

NYSE:PSA opened at $334.50 on Wednesday. The company’s 50 day moving average is $345.22 and its two-hundred day moving average is $315.64. The company has a market cap of $58.57 billion, a PE ratio of 34.74, a P/E/G ratio of 5.57 and a beta of 0.70. Public Storage has a twelve month low of $251.49 and a twelve month high of $369.99. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders 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 dividend on an annualized basis and a yield of 3.59%. Public Storage’s dividend payout ratio is currently 124.61%.

Analyst Ratings Changes

PSA has been the topic of a number of recent research reports. Jefferies Financial Group increased their price target on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Royal Bank of Canada cut their target price on shares of 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. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a report on Monday, August 5th. Finally, Evercore ISI dropped their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $339.64.

About Public Storage

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.