Aew Capital Management L P Purchases 228,740 Shares of Public Storage (NYSE:PSA)

Aew Capital Management L P lifted its position in shares of Public Storage (NYSE:PSA - Free Report) by 108.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 439,400 shares of the real estate investment trust's stock after buying an additional 228,740 shares during the period. Public Storage comprises about 6.4% of Aew Capital Management L P's investment portfolio, making the stock its 5th largest holding. Aew Capital Management L P owned 0.25% of Public Storage worth $131,574,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Public Storage by 5.0% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust's stock worth $16,089,000 after buying an additional 2,566 shares during the last quarter. Larson Financial Group LLC raised its holdings in Public Storage by 3,714.6% during the third quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust's stock worth $666,000 after acquiring an additional 1,783 shares in the last quarter. Capital Investment Advisors LLC boosted its position in Public Storage by 25.4% during the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust's stock valued at $8,566,000 after purchasing an additional 5,793 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in Public Storage by 114.2% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust's stock valued at $33,302,000 after purchasing an additional 48,803 shares in the last quarter. Finally, Swedbank AB increased its position in shares of Public Storage by 31.9% during the 3rd quarter. Swedbank AB now owns 154,167 shares of the real estate investment trust's stock worth $56,097,000 after purchasing an additional 37,285 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 450 shares of the business's stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the sale, the insider now owns 2,364 shares of the company's stock, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 11.00% of the company's stock.

Public Storage Stock Performance

Shares of NYSE:PSA traded up $5.53 during trading on Wednesday, reaching $311.58. 569,389 shares of the stock were exchanged, compared to its average volume of 696,918. The firm has a market cap of $54.66 billion, a PE ratio of 32.35, a PEG ratio of 4.91 and a beta of 0.74. 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 has a 12 month low of $256.31 and a 12 month high of $369.99. The stock has a 50-day moving average price of $298.63 and a 200-day moving average price of $325.04.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date is Thursday, March 13th. Public Storage's dividend payout ratio is 112.89%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PSA shares. Royal Bank of Canada cut their price objective on Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a report on Wednesday, February 26th. Barclays cut their price target on shares of Public Storage from $380.00 to $361.00 and set an "overweight" rating for the company in a research note on Monday, January 13th. Truist Financial boosted their price objective on shares of Public Storage from $306.00 to $340.00 and gave the stock a "hold" rating in a research note on Thursday, December 5th. Wells Fargo & Company dropped their target price on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and lifted their price target for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $340.23.

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.