Public Storage (NYSE:PSA) Shares Sold by Cbre Investment Management Listed Real Assets LLC

Cbre Investment Management Listed Real Assets LLC reduced its stake in shares of Public Storage (NYSE:PSA - Free Report) by 32.4% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 263,549 shares of the real estate investment trust's stock after selling 126,303 shares during the period. Public Storage makes up approximately 1.4% of Cbre Investment Management Listed Real Assets LLC's portfolio, making the stock its 23rd biggest holding. Cbre Investment Management Listed Real Assets LLC owned 0.15% of Public Storage worth $78,917,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. SPC Financial Inc. grew its position in Public Storage by 60.6% during the 4th quarter. SPC Financial Inc. now owns 2,102 shares of the real estate investment trust's stock worth $629,000 after purchasing an additional 793 shares during the period. Carrera Capital Advisors grew its position in Public Storage by 33.9% during the 4th quarter. Carrera Capital Advisors now owns 8,861 shares of the real estate investment trust's stock worth $2,653,000 after purchasing an additional 2,243 shares during the period. Commerzbank Aktiengesellschaft FI grew its position in Public Storage by 40.4% during the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 4,734 shares of the real estate investment trust's stock worth $1,401,000 after purchasing an additional 1,363 shares during the period. State of Michigan Retirement System grew its position in Public Storage by 0.4% during the 4th quarter. State of Michigan Retirement System now owns 47,121 shares of the real estate investment trust's stock worth $14,110,000 after purchasing an additional 200 shares during the period. Finally, Steward Partners Investment Advisory LLC boosted its stake in shares of Public Storage by 23.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,895 shares of the real estate investment trust's stock worth $1,466,000 after acquiring an additional 939 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PSA shares. Barclays lowered their target price on shares of Public Storage from $380.00 to $361.00 and set an "overweight" rating on the stock in a research note on Monday, January 13th. Wells Fargo & Company lowered their target price 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 lowered their target price on shares of 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. Truist Financial increased their target price 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. Finally, Scotiabank lowered their target price on shares of Public Storage from $338.00 to $333.00 and set a "sector perform" rating on the stock in a research note on Wednesday. Seven 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. According to data from MarketBeat, Public Storage presently has an average rating of "Moderate Buy" and an average price target of $340.23.

Public Storage Price Performance

PSA stock traded up $5.53 during mid-day trading on Wednesday, reaching $311.58. The company's stock had a trading volume of 680,266 shares, compared to its average volume of 697,068. The stock has a market cap of $54.66 billion, a PE ratio of 32.35, a P/E/G 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 fifty-two week low of $256.31 and a fifty-two week high of $369.99. The company's 50 day moving average is $298.85 and its two-hundred day moving average is $324.95.

Public Storage Announces Dividend

The firm 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. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.85%. Public Storage's payout ratio is 112.89%.

Insider Buying and Selling at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the firm's stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the sale, the insider now owns 2,364 shares in the company, valued at $751,728.36. This trade represents a 15.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.00% of the stock is owned by insiders.

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.