Chesapeake Capital Corp IL Sells 1,322 Shares of Public Storage (NYSE:PSA)

Chesapeake Capital Corp IL reduced its stake in shares of Public Storage (NYSE:PSA - Free Report) by 56.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,032 shares of the real estate investment trust's stock after selling 1,322 shares during the period. Chesapeake Capital Corp IL's holdings in Public Storage were worth $309,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Public Storage by 5.0% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust's stock valued at $16,089,000 after purchasing an additional 2,566 shares during the last quarter. Capital Investment Advisors LLC raised its stake in shares of Public Storage by 25.4% during the 4th quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust's stock worth $8,566,000 after purchasing an additional 5,793 shares in the last quarter. Larson Financial Group LLC lifted its holdings in shares of Public Storage by 3,714.6% during the 3rd quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust's stock valued at $666,000 after buying an additional 1,783 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Public Storage by 30.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust's stock valued at $40,926,000 after buying an additional 31,662 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in Public Storage by 114.2% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust's stock worth $33,302,000 after buying an additional 48,803 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

PSA has been the subject of a number of analyst reports. Wells Fargo & Company reduced their target price on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a "sell" rating to a "hold" rating and raised their price target for the company from $298.00 to $299.00 in a report on Friday, January 10th. Barclays reiterated an "overweight" rating and issued a $354.00 price objective (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Truist Financial cut their target price on Public Storage from $316.00 to $310.00 and set a "hold" rating on the stock in a report on Tuesday, March 18th. Finally, Royal Bank of Canada reduced their price target on Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a research report on Wednesday, February 26th. Seven research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $338.00.

Public Storage Stock Performance

Shares of NYSE PSA traded down $5.30 during trading hours on Friday, hitting $291.19. 1,421,680 shares of the company's stock were exchanged, compared to its average volume of 679,614. The company's 50-day moving average price is $299.96 and its 200-day moving average price is $321.98. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The stock has a market capitalization of $51.08 billion, a price-to-earnings ratio of 30.24, a PEG ratio of 4.91 and a beta of 0.73. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be issued a dividend of $3.00 per share. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.12%. 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.