Alliancebernstein L.P. Buys 3,596 Shares of Public Storage (NYSE:PSA)

Alliancebernstein L.P. increased its stake in Public Storage (NYSE:PSA - Free Report) by 0.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 483,735 shares of the real estate investment trust's stock after acquiring an additional 3,596 shares during the period. Alliancebernstein L.P. owned about 0.28% of Public Storage worth $144,850,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of Public Storage during the fourth quarter valued at approximately $931,286,000. Amundi grew its holdings in Public Storage by 54.0% in the 4th quarter. Amundi now owns 779,882 shares of the real estate investment trust's stock worth $230,426,000 after acquiring an additional 273,486 shares during the last quarter. Aew Capital Management L P increased its position in shares of Public Storage by 108.6% in the fourth quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust's stock valued at $131,574,000 after acquiring an additional 228,740 shares during the period. Proficio Capital Partners LLC bought a new position in shares of Public Storage during the fourth quarter valued at about $66,253,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Public Storage during the fourth quarter worth about $56,164,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Down 3.6 %

Public Storage stock traded down $10.74 during mid-day trading on Friday, reaching $284.00. The stock had a trading volume of 1,407,016 shares, compared to its average volume of 718,754. The company has a market capitalization of $49.82 billion, a price-to-earnings ratio of 29.49, a PEG ratio of 4.91 and a beta of 0.76. 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 has a one year low of $256.31 and a one year high of $369.99. The company has a 50-day moving average price of $300.05 and a two-hundred day moving average price of $317.76.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a dividend of $3.00 per share. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.23%. Public Storage's dividend payout ratio is 112.89%.

Analysts Set New Price Targets

A number of research analysts have commented on PSA shares. Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and upped their price target for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Wells Fargo & Company dropped their price target on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Scotiabank reduced their price objective on shares of Public Storage from $338.00 to $333.00 and set a "sector perform" rating on the stock in a research report on Wednesday, March 5th. Truist Financial dropped their target price on shares of Public Storage from $316.00 to $310.00 and set a "hold" rating for the company in a research report on Tuesday, March 18th. Finally, Royal Bank of Canada decreased their price target on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a research note on Wednesday, February 26th. Seven equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Public Storage currently has a consensus rating of "Moderate Buy" and an average target price of $338.73.

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.