Public Storage (NYSE:PSA) Shares Sold by Corient Private Wealth LLC

Corient Private Wealth LLC cut its stake in shares of Public Storage (NYSE:PSA - Free Report) by 3.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 79,086 shares of the real estate investment trust's stock after selling 2,616 shares during the quarter. Corient Private Wealth LLC's holdings in Public Storage were worth $23,682,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of PSA. Natixis Advisors LLC lifted its position in Public Storage by 24.3% in the fourth quarter. Natixis Advisors LLC now owns 78,276 shares of the real estate investment trust's stock valued at $23,439,000 after purchasing an additional 15,318 shares during the period. Greykasell Wealth Strategies Inc. acquired a new stake in shares of Public Storage in the 4th quarter valued at approximately $508,000. Midwest Professional Planners LTD. lifted its holdings in Public Storage by 7.7% in the fourth quarter. Midwest Professional Planners LTD. now owns 6,865 shares of the real estate investment trust's stock valued at $2,056,000 after acquiring an additional 489 shares during the period. JPL Wealth Management LLC acquired a new stake in Public Storage in the fourth quarter valued at $1,634,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its holdings in Public Storage by 56.1% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 121,137 shares of the real estate investment trust's stock valued at $35,834,000 after acquiring an additional 43,529 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Price Performance

PSA stock traded down $5.30 during trading on Friday, hitting $291.19. The stock had a trading volume of 1,421,680 shares, compared to its average volume of 679,097. The company's 50 day moving average price is $299.96 and its two-hundred day moving average price is $322.12. 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 stock has a market cap 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.

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Public Storage Announces Dividend

The company 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 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage's dividend payout ratio is presently 112.89%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PSA shares. Scotiabank reduced 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 research note on Wednesday, March 5th. Wells Fargo & Company reduced their price target on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a "sell" rating to a "hold" rating and lifted their price target for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Barclays reaffirmed an "overweight" rating and set a $354.00 price objective (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Finally, Truist Financial reduced their price objective on Public Storage from $316.00 to $310.00 and set a "hold" rating for the company in a report on Tuesday. Seven equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Public Storage has a consensus rating of "Moderate Buy" and an average target price 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.