Arjuna Capital bought a new stake in Public Storage (NYSE:PSA - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 13,138 shares of the real estate investment trust's stock, valued at approximately $4,781,000. Public Storage comprises approximately 1.2% of Arjuna Capital's holdings, making the stock its 24th largest holding.

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

Shares of PSA traded up $4.83 on Wednesday, hitting $335.07. 47,348 shares of the stock traded hands, compared to its average volume of 714,624. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a market capitalization of $58.67 billion, a P/E ratio of 34.29, a P/E/G ratio of 4.75 and a beta of 0.70. The stock's 50 day moving average is $346.58 and its two-hundred day moving average is $313.10. Public Storage has a 1 year low of $250.51 and a 1 year high of $369.99.

The company 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 dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.58%. The ex-dividend date is Friday, December 13th. Public Storage's payout ratio is 124.61%.

A number of research analysts have recently issued reports on the stock. 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 note on Friday, August 30th. Royal Bank of Canada dropped their price target on shares of Public Storage from $358.00 to $344.00 and set a "sector perform" rating on the stock in a research note on Friday, November 8th. Jefferies Financial Group boosted their price target on shares of Public Storage from $360.00 to $422.00 and gave the stock a "buy" rating in a research note on Wednesday, September 18th. Evercore ISI dropped their price target on shares of Public Storage from $343.00 to $338.00 and set an "in-line" rating on the stock in a research note on Monday, October 14th. Finally, Truist Financial lowered shares of Public Storage from a "buy" rating to a "hold" rating and set a $306.00 price target on the stock. in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $339.64.

Check Out Our Latest Report on PSA

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.

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