KBC Group NV Grows Stake in Public Storage (NYSE:PSA)

KBC Group NV boosted its stake in Public Storage (NYSE:PSA) by 54.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 274,707 shares of the real estate investment trust’s stock after buying an additional 96,494 shares during the quarter. KBC Group NV’s holdings in Public Storage were worth $99,958,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PSA. Empowered Funds LLC boosted its stake in shares of Public Storage by 18.9% in the first quarter. Empowered Funds LLC now owns 2,040 shares of the real estate investment trust’s stock worth $592,000 after acquiring an additional 324 shares during the last quarter. Avantax Advisory Services Inc. lifted its holdings in Public Storage by 30.0% in the 1st quarter. Avantax Advisory Services Inc. now owns 6,821 shares of the real estate investment trust’s stock valued at $1,978,000 after purchasing an additional 1,573 shares in the last quarter. Bleakley Financial Group LLC boosted its stake in Public Storage by 4.9% during the 1st quarter. Bleakley Financial Group LLC now owns 1,230 shares of the real estate investment trust’s stock worth $357,000 after purchasing an additional 57 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in shares of Public Storage by 302.8% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 120,942 shares of the real estate investment trust’s stock worth $35,080,000 after buying an additional 90,917 shares in the last quarter. Finally, Lindenwold Advisors INC raised its position in shares of Public Storage by 2.5% in the first quarter. Lindenwold Advisors INC now owns 4,349 shares of the real estate investment trust’s stock valued at $1,261,000 after buying an additional 108 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Up 1.4 %

Shares of NYSE PSA opened at $334.94 on Thursday. Public Storage has a 52-week low of $250.51 and a 52-week high of $369.99. The business’s 50 day moving average is $346.58 and its two-hundred day moving average is $313.10. The firm has a market cap of $58.65 billion, a price-to-earnings ratio of 34.78, a PEG ratio of 4.66 and a beta of 0.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is currently 124.61%.

Analysts Set New Price Targets

A number of research firms recently weighed in on PSA. Citigroup boosted their price target on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Royal Bank of Canada cut their price target on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Jefferies Financial Group boosted their price objective on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research note on Thursday, August 1st. Finally, Scotiabank boosted their price target on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average 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.