Public Storage (NYSE:PSA) Shares Sold by APG Asset Management US Inc.

APG Asset Management US Inc. lowered its holdings in Public Storage (NYSE:PSA - Free Report) by 1.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,161,039 shares of the real estate investment trust's stock after selling 38,613 shares during the quarter. Public Storage comprises about 4.9% of APG Asset Management US Inc.'s investment portfolio, making the stock its 7th largest position. APG Asset Management US Inc. owned 1.23% of Public Storage worth $647,102,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in PSA. Norges Bank bought a new stake in shares of Public Storage during the fourth quarter valued at approximately $931,286,000. Amundi boosted its holdings in Public Storage by 54.0% in the fourth quarter. Amundi now owns 779,882 shares of the real estate investment trust's stock valued at $230,426,000 after acquiring an additional 273,486 shares during the last quarter. Aew Capital Management L P increased its position in 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 worth $131,574,000 after purchasing an additional 228,740 shares during the period. Proficio Capital Partners LLC acquired a new position in Public Storage during the 4th quarter valued at about $66,253,000. Finally, Russell Investments Group Ltd. boosted its stake in shares of Public Storage by 25.5% in the 4th quarter. Russell Investments Group Ltd. now owns 999,426 shares of the real estate investment trust's stock valued at $299,006,000 after purchasing an additional 202,944 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

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Analysts Set New Price Targets

PSA has been the topic of a number of recent research reports. Wells Fargo & Company reduced their price objective 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. Royal Bank of Canada dropped 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. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and raised their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective for the company in a research report on Thursday. Finally, Barclays reissued an "overweight" rating and issued a $354.00 target price (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Six analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Public Storage currently has a consensus rating of "Moderate Buy" and a consensus target price of $332.08.

Public Storage Stock Performance

Shares of PSA traded up $4.41 during midday trading on Monday, reaching $284.75. The stock had a trading volume of 289,941 shares, compared to its average volume of 732,616. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a 50 day simple moving average of $297.08 and a 200-day simple moving average of $313.61. Public Storage has a one year low of $256.31 and a one year high of $369.99. The firm has a market cap of $49.95 billion, a PE ratio of 29.57, a P/E/G ratio of 4.91 and a beta of 0.76.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were given a dividend of $3.00 per share. The ex-dividend date was Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.21%. Public Storage's dividend payout ratio (DPR) is presently 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.