Zurcher Kantonalbank Zurich Cantonalbank Acquires 2,330 Shares of Public Storage (NYSE:PSA)

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Public Storage (NYSE:PSA) by 2.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,014 shares of the real estate investment trust’s stock after buying an additional 2,330 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Public Storage were worth $38,211,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. OFI Invest Asset Management bought a new stake in Public Storage during the second quarter worth about $32,000. Prospera Private Wealth LLC bought a new position in shares of Public Storage in the 3rd quarter valued at about $34,000. Opal Wealth Advisors LLC acquired a new position in shares of Public Storage during the 2nd quarter worth about $36,000. Ashton Thomas Securities LLC bought a new stake in shares of Public Storage in the 3rd quarter valued at about $38,000. Finally, EdgeRock Capital LLC acquired a new stake in shares of Public Storage in the second quarter valued at approximately $39,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Up 0.4 %

Public Storage stock opened at $351.36 on Friday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market cap of $61.53 billion, a PE ratio of 36.49, a price-to-earnings-growth ratio of 5.84 and a beta of 0.70. Public Storage has a fifty-two week low of $253.98 and a fifty-two week high of $369.99. The firm’s 50-day simple moving average is $343.04 and its 200 day simple moving average is $318.52.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders 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 dividend yield of 3.42%. Public Storage’s dividend payout ratio is presently 124.61%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Royal Bank of Canada cut their price objective on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Scotiabank raised their price target on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Morgan Stanley boosted their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research report on Monday, August 5th. Finally, Jefferies Financial Group lifted their price target on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $339.64.

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.