B. Metzler seel. Sohn & Co. Holding AG Acquires New Position in Public Storage (NYSE:PSA)

B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Public Storage (NYSE:PSA) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 3,888 shares of the real estate investment trust’s stock, valued at approximately $1,415,000.

Other hedge funds have also modified their holdings of the company. OFI Invest Asset Management acquired a new position in shares of Public Storage during the second quarter worth about $32,000. Opal Wealth Advisors LLC acquired a new position in shares of Public Storage during the second quarter worth $36,000. Ashton Thomas Securities LLC purchased a new position in Public Storage in the third quarter valued at $38,000. EdgeRock Capital LLC acquired a new stake in Public Storage in the second quarter valued at $39,000. Finally, LRI Investments LLC purchased a new stake in Public Storage during the 1st quarter worth about $40,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Performance

Shares of PSA stock opened at $337.62 on Friday. The stock has a 50 day simple moving average of $343.82 and a 200-day simple moving average of $316.39. Public Storage has a 12-month low of $251.49 and a 12-month high of $369.99. The company has a market cap of $59.12 billion, a price-to-earnings ratio of 35.06, a price-to-earnings-growth ratio of 5.56 and a beta of 0.70. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.55%. The ex-dividend date is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is 124.61%.

Wall Street Analyst Weigh In

PSA has been the subject of several recent analyst reports. Evercore ISI decreased their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research note on Monday, August 5th. Wolfe Research raised Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Royal Bank of Canada decreased their price objective 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. Finally, Citigroup raised their price objective 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. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target 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.