Candriam S.C.A. Raises Stake in Public Storage (NYSE:PSA)

Candriam S.C.A. lifted its stake in shares of Public Storage (NYSE:PSA - Free Report) by 18.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,238 shares of the real estate investment trust's stock after purchasing an additional 2,737 shares during the period. Candriam S.C.A.'s holdings in Public Storage were worth $5,162,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PSA. Harbor Capital Advisors Inc. acquired a new stake in shares of Public Storage in the 3rd quarter valued at $55,000. Robeco Institutional Asset Management B.V. lifted its position in Public Storage by 8.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 10,132 shares of the real estate investment trust's stock valued at $3,687,000 after purchasing an additional 769 shares during the period. M&G PLC acquired a new position in Public Storage in the third quarter valued at approximately $215,000. Graypoint LLC bought a new position in Public Storage in the third quarter valued at approximately $253,000. Finally, Principal Financial Group Inc. grew its holdings in Public Storage by 1.9% during the 3rd quarter. Principal Financial Group Inc. now owns 214,382 shares of the real estate investment trust's stock worth $78,007,000 after acquiring an additional 3,973 shares during the period. 78.79% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of the company's stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the transaction, the insider now owns 2,364 shares in the company, valued at approximately $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 11.10% of the stock is owned by company insiders.

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Public Storage Trading Down 1.6 %

Shares of PSA stock traded down $4.82 on Wednesday, hitting $303.39. The company had a trading volume of 833,962 shares, compared to its average volume of 718,639. Public Storage has a twelve month low of $256.31 and a twelve month 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. The firm has a market cap of $53.22 billion, a P/E ratio of 31.50, a P/E/G ratio of 4.91 and a beta of 0.73. The stock's 50-day moving average is $299.84 and its two-hundred day moving average is $324.37.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.96%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage's dividend payout ratio (DPR) is presently 112.89%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on PSA shares. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and raised their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Barclays restated an "overweight" rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a research report on Wednesday. Truist Financial lifted 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. Royal Bank of Canada lowered their target price 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. Finally, Scotiabank cut their price objective on Public Storage from $338.00 to $333.00 and set a "sector perform" rating on the stock in a report on Wednesday, March 5th. Seven equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $339.69.

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.