BNP Paribas Financial Markets Acquires 153,236 Shares of Public Storage $PSA

Key Points

• BNP Paribas Financial Markets boosted its Public Storage stake by 92.3% in Q3, purchasing 153,236 shares to hold 319,289 shares (about 0.18%) valued at roughly $92.23 million.
• Public Storage declared a quarterly dividend of $3.00 (annualized $12.00) implying a 4.0% yield; the ex-dividend date is March 16 and the payment date is March 31, with a payout ratio of 133.04%.
• Institutional ownership stands at 78.79% with large moves from Vanguard and a new Norges Bank stake (~$1.15B), and analysts' consensus is a Hold with an average price target of $307.13.

BNP Paribas Financial Markets lifted its holdings in Public Storage (NYSE:PSA - Free Report) by 92.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 319,289 shares of the real estate investment trust's stock after purchasing an additional 153,236 shares during the quarter. BNP Paribas Financial Markets owned 0.18% of Public Storage worth $92,227,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Norges Bank bought a new stake in Public Storage in the 2nd quarter worth about $1,153,971,000. Vanguard Group Inc. lifted its stake in Public Storage by 10.8% during the 3rd quarter. Vanguard Group Inc. now owns 23,068,701 shares of the real estate investment trust's stock valued at $6,663,394,000 after acquiring an additional 2,253,225 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Public Storage by 498.7% during the 2nd quarter. AQR Capital Management LLC now owns 578,491 shares of the real estate investment trust's stock valued at $166,970,000 after acquiring an additional 481,872 shares during the last quarter. Centersquare Investment Management LLC boosted its holdings in shares of Public Storage by 38.0% during the 3rd quarter. Centersquare Investment Management LLC now owns 1,145,607 shares of the real estate investment trust's stock valued at $330,909,000 after acquiring an additional 315,370 shares during the last quarter. Finally, 1832 Asset Management L.P. grew its stake in shares of Public Storage by 375.7% in the second quarter. 1832 Asset Management L.P. now owns 389,169 shares of the real estate investment trust's stock worth $114,190,000 after acquiring an additional 307,357 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Price Performance

Shares of Public Storage stock opened at $297.69 on Friday. The company has a market capitalization of $52.25 billion, a price-to-earnings ratio of 33.00, a PEG ratio of 6.08 and a beta of 0.99. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 2.05. The stock's 50-day simple moving average is $290.35 and its 200-day simple moving average is $284.80. Public Storage has a 52 week low of $256.54 and a 52 week high of $312.95.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Monday, March 16th. This represents a $12.00 dividend on an annualized basis and a yield of 4.0%. Public Storage's payout ratio is currently 133.04%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft cut shares of Public Storage from a "buy" rating to a "hold" rating and set a $285.00 price objective for the company. in a report on Tuesday, January 20th. Wall Street Zen downgraded shares of Public Storage from a "hold" rating to a "sell" rating in a research report on Saturday, January 10th. Truist Financial boosted their target price on shares of Public Storage from $315.00 to $317.00 and gave the company a "buy" rating in a research note on Tuesday, January 20th. Scotiabank raised their price target on Public Storage from $300.00 to $319.00 and gave the stock a "sector outperform" rating in a research note on Monday, March 2nd. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Public Storage in a report on Thursday, January 22nd. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and twelve have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $307.13.

About Public Storage

Public Storage NYSE: PSA is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company's core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.