Public Storage (NYSE:PSA) Shares Bought by Cibc World Markets Corp

Cibc World Markets Corp increased its stake in Public Storage (NYSE:PSA - Free Report) by 12.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 70,708 shares of the real estate investment trust's stock after acquiring an additional 7,648 shares during the period. Cibc World Markets Corp's holdings in Public Storage were worth $21,173,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. State Street Corp lifted its position in 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 buying an additional 55,123 shares during the last quarter. FMR LLC grew its holdings in Public Storage by 20.9% during the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust's stock valued at $1,828,763,000 after purchasing an additional 869,066 shares during the last quarter. Geode Capital Management LLC lifted its stake 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 last quarter. Charles Schwab Investment Management Inc. lifted its stake in Public Storage by 2.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust's stock worth $1,023,080,000 after purchasing an additional 54,992 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Public Storage by 732.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust's stock valued at $561,763,000 after buying an additional 1,358,493 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

Public Storage Stock Down 1.8 %

Shares of PSA traded down $5.30 during midday trading on Friday, hitting $291.19. 1,421,670 shares of the company's stock traded hands, compared to its average volume of 730,492. 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 stock has a market capitalization of $51.08 billion, a price-to-earnings ratio of 30.24, 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 firm's fifty day moving average is $299.91 and its 200-day moving average is $322.48.

Public Storage Dividend Announcement

The business also recently declared 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. This represents a $12.00 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date is Thursday, March 13th. Public Storage's payout ratio is presently 112.89%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PSA. Barclays reissued an "overweight" rating and set a $354.00 price target (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Truist Financial lowered their target price on shares of Public Storage from $316.00 to $310.00 and set a "hold" rating for the company in a research note on Tuesday. Scotiabank decreased their price objective on shares of Public Storage from $338.00 to $333.00 and set a "sector perform" rating for the company in a report on Wednesday, March 5th. Wells Fargo & Company reduced 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 report on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and upped their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Seven analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Public Storage presently has an average rating of "Moderate Buy" and a consensus price target of $338.00.

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.