Public Storage (NYSE:PSA) Shares Bought by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. grew its stake in shares of Public Storage (NYSE:PSA - Free Report) by 7.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,256 shares of the real estate investment trust's stock after acquiring an additional 1,929 shares during the period. Cullen Frost Bankers Inc.'s holdings in Public Storage were worth $8,760,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Janney Montgomery Scott LLC lifted its holdings in Public Storage by 0.7% during the 3rd quarter. Janney Montgomery Scott LLC now owns 33,756 shares of the real estate investment trust's stock worth $12,283,000 after buying an additional 245 shares during the last quarter. Harbor Capital Advisors Inc. bought a new position in Public Storage during the third quarter worth $55,000. Robeco Institutional Asset Management B.V. boosted its holdings in Public Storage by 8.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 10,132 shares of the real estate investment trust's stock worth $3,687,000 after purchasing an additional 769 shares during the period. Avidian Wealth Enterprises LLC increased its stake in Public Storage by 2.6% during the third quarter. Avidian Wealth Enterprises LLC now owns 3,178 shares of the real estate investment trust's stock valued at $1,156,000 after purchasing an additional 81 shares during the last quarter. Finally, Harvest Portfolios Group Inc. raised its holdings in shares of Public Storage by 141.2% during the third quarter. Harvest Portfolios Group Inc. now owns 4,225 shares of the real estate investment trust's stock worth $1,537,000 after purchasing an additional 2,473 shares during the period. Institutional investors own 78.79% of the company's stock.

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Analysts Set New Price Targets

A number of brokerages recently weighed in on PSA. Barclays lowered their price objective on shares of Public Storage from $380.00 to $361.00 and set an "overweight" rating for the company in a research report on Monday, January 13th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and increased their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Royal Bank of Canada reduced their price objective 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. Scotiabank dropped their target price on Public Storage from $338.00 to $333.00 and set a "sector perform" rating on the stock in a research report on Wednesday, March 5th. Finally, Truist Financial boosted their price target on shares of Public Storage from $306.00 to $340.00 and gave the company a "hold" rating in a report on Thursday, December 5th. Seven equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $340.23.

Public Storage Price Performance

Shares of Public Storage stock traded down $0.39 on Monday, hitting $313.59. The company had a trading volume of 1,060,416 shares, compared to its average volume of 715,820. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The company has a market cap of $55.01 billion, a PE ratio of 32.56, a PEG ratio of 4.91 and a beta of 0.73. The business has a 50-day simple moving average of $299.31 and a 200-day simple moving average of $324.74. 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 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 paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date is Thursday, March 13th. Public Storage's dividend payout ratio is presently 112.89%.

Insider Activity

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the business's stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the sale, the insider now directly owns 2,364 shares in the company, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 11.00% of the company's stock.

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.