BNP PARIBAS ASSET MANAGEMENT Holding S.A. Buys 48,803 Shares of Public Storage (NYSE:PSA)

BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of Public Storage (NYSE:PSA) by 114.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 91,521 shares of the real estate investment trust’s stock after acquiring an additional 48,803 shares during the quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A.’s holdings in Public Storage were worth $33,302,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Manning & Napier Advisors LLC bought a new stake in Public Storage during the second quarter worth approximately $14,301,000. Allspring Global Investments Holdings LLC grew its stake in Public Storage by 1.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock valued at $51,762,000 after buying an additional 2,605 shares during the last quarter. PGGM Investments raised its holdings in Public Storage by 8.0% in the 2nd quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock worth $48,162,000 after acquiring an additional 12,396 shares during the period. Swedbank AB acquired a new position in Public Storage during the 1st quarter worth $17,465,000. Finally, Massmutual Trust Co. FSB ADV grew its position in shares of Public Storage by 15.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 20,566 shares of the real estate investment trust’s stock valued at $5,916,000 after purchasing an additional 2,770 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Morgan Stanley boosted their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Barclays reduced their price objective on Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Wells Fargo & Company dropped their target price on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Citigroup increased their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and an average price target of $339.64.

Public Storage Price Performance

Public Storage stock opened at $337.62 on Friday. The business has a 50 day simple moving average of $343.82 and a 200 day simple moving average of $316.39. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $59.12 billion, a PE ratio of 35.06, a price-to-earnings-growth ratio of 5.56 and a beta of 0.70. Public Storage has a one year low of $251.49 and a one year high of $369.99.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.55%. Public Storage’s dividend payout ratio 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.