Public Storage (NYSE:PSA) Stake Lessened by California Public Employees Retirement System

California Public Employees Retirement System trimmed its position in shares of Public Storage (NYSE:PSA - Free Report) by 0.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 747,797 shares of the real estate investment trust's stock after selling 6,696 shares during the period. California Public Employees Retirement System owned 0.43% of Public Storage worth $223,920,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PSA. State Street Corp grew its stake in shares of Public Storage by 0.5% in 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 purchasing an additional 55,123 shares in the last quarter. Geode Capital Management LLC lifted its holdings in 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 worth $1,425,941,000 after purchasing an additional 52,807 shares during the period. Norges Bank bought a new position in Public Storage in the 4th quarter valued at about $931,286,000. Adelante Capital Management LLC increased its stake in Public Storage by 389.9% during the 3rd quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust's stock valued at $532,465,000 after buying an additional 1,164,630 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Public Storage by 2.0% during the 4th quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust's stock worth $328,677,000 after buying an additional 21,165 shares in the last quarter. Institutional investors own 78.79% of the company's stock.

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Public Storage Trading Down 3.6 %

Shares of NYSE:PSA traded down $10.74 during midday trading on Friday, reaching $284.00. The company had a trading volume of 1,407,016 shares, compared to its average volume of 717,632. The company has a fifty day simple moving average of $300.05 and a two-hundred day simple moving average of $318.04. The firm has a market cap of $49.82 billion, a price-to-earnings ratio of 29.49, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on PSA shares. Wells Fargo & Company decreased their price objective on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Truist Financial decreased their price target on Public Storage from $316.00 to $310.00 and set a "hold" rating for the company in a research note on Tuesday, March 18th. Royal Bank of Canada dropped their price objective on Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a research note on Wednesday, February 26th. Scotiabank decreased their target price on Public Storage from $338.00 to $333.00 and set a "sector perform" rating for the company in a research note on Wednesday, March 5th. Finally, Barclays reiterated an "overweight" rating and issued a $354.00 price target (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Seven equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $338.73.

Public Storage 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.