Adage Capital Partners GP L.L.C. Sells 1,200 Shares of Public Storage (NYSE:PSA)

Adage Capital Partners GP L.L.C. reduced its position in shares of Public Storage (NYSE:PSA - Free Report) by 0.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 147,292 shares of the real estate investment trust's stock after selling 1,200 shares during the period. Adage Capital Partners GP L.L.C. owned 0.08% of Public Storage worth $44,105,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PSA. Quent Capital LLC raised its stake in Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 50 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in shares of Public Storage during the fourth quarter valued at about $32,000. Synergy Asset Management LLC bought a new stake in shares of Public Storage in the fourth quarter valued at about $38,000. Millstone Evans Group LLC acquired a new position in Public Storage in the 4th quarter valued at approximately $38,000. Finally, Bridge Generations Wealth Management LLC bought a new stake in shares of Public Storage in the 4th quarter worth approximately $56,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PSA shares. Scotiabank raised shares of Public Storage from a "sector perform" rating to a "sector outperform" rating and reduced their price objective for the stock from $333.00 to $305.00 in a report on Wednesday, April 9th. Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and lifted their price objective for the company from $298.00 to $299.00 in a report on Friday, January 10th. Wells Fargo & Company dropped their target price on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Mizuho began coverage on Public Storage in a research note on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 price target on the stock. Finally, Barclays reissued an "overweight" rating and set a $354.00 price objective (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Public Storage has an average rating of "Moderate Buy" and an average target price of $336.25.

Public Storage Trading Up 0.3 %

Shares of PSA stock traded up $0.85 on Monday, reaching $291.76. 844,133 shares of the stock were exchanged, compared to its average volume of 738,999. The stock has a 50 day moving average price of $295.33 and a 200 day moving average price of $309.44. The stock has a market cap of $51.18 billion, a PE ratio of 30.30, a P/E/G ratio of 4.91 and a beta of 0.76. Public Storage has a one year low of $256.31 and a one year high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage's dividend payout ratio (DPR) is 112.89%.

Public Storage Company 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.