Generali Investments Management Co LLC acquired a new stake in Public Storage (NYSE:PSA - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,841 shares of the real estate investment trust's stock, valued at approximately $3,246,000.
Other institutional investors also recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in Public Storage by 0.5% during the third quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust's stock worth $3,773,571,000 after buying an additional 55,123 shares in the last quarter. FMR LLC raised its holdings in Public Storage by 20.9% during the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust's stock worth $1,828,763,000 after purchasing an additional 869,066 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Public Storage by 1.4% in the third quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust's stock valued at $1,425,941,000 after buying an additional 52,807 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Public Storage by 2.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust's stock worth $1,023,080,000 after buying an additional 54,992 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Public Storage by 732.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust's stock valued at $561,763,000 after acquiring an additional 1,358,493 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.
Analyst Ratings Changes
PSA has been the subject of several research reports. Scotiabank cut their price objective on Public Storage from $338.00 to $333.00 and set a "sector perform" rating for the company in a research report on Wednesday, March 5th. Barclays reissued an "overweight" rating and issued a $354.00 price target (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and increased their price objective for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Wells Fargo & Company decreased their price target on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Finally, Royal Bank of Canada cut their price objective on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a research report on Wednesday, February 26th. Seven research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Public Storage presently has an average rating of "Moderate Buy" and a consensus price target of $338.00.
Read Our Latest Stock Report on PSA
Public Storage Trading Down 1.8 %
Shares of NYSE PSA traded down $5.30 during trading on Friday, hitting $291.19. 1,421,680 shares of the company traded hands, compared to its average volume of 679,614. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The firm has a market capitalization of $51.08 billion, a P/E ratio of 30.24, a P/E/G ratio of 4.91 and a beta of 0.73. 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 company has a 50-day moving average price of $299.96 and a 200-day moving average price of $321.98.
Public Storage Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date is Thursday, March 13th. Public Storage's dividend payout ratio (DPR) is presently 112.89%.
About Public Storage
(
Free Report)
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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