Federated Hermes Inc. Sells 181,169 Shares of Public Storage (NYSE:PSA)

Federated Hermes Inc. decreased its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 59.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 122,295 shares of the real estate investment trust's stock after selling 181,169 shares during the quarter. Federated Hermes Inc. owned 0.07% of Public Storage worth $36,620,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Doliver Advisors LP grew its stake in Public Storage by 2.6% in the 4th quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust's stock valued at $433,000 after purchasing an additional 36 shares during the period. Brooklyn Investment Group raised its stake in shares of Public Storage by 3.4% during the 4th quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust's stock worth $345,000 after purchasing an additional 38 shares during the period. Werba Rubin Papier Wealth Management boosted its holdings in shares of Public Storage by 1.7% in the 4th quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust's stock worth $681,000 after buying an additional 38 shares during the last quarter. Continuum Advisory LLC grew its position in Public Storage by 7.6% during the third quarter. Continuum Advisory LLC now owns 549 shares of the real estate investment trust's stock valued at $182,000 after buying an additional 39 shares during the period. Finally, TD Private Client Wealth LLC raised its position in Public Storage by 2.4% in the third quarter. TD Private Client Wealth LLC now owns 1,695 shares of the real estate investment trust's stock worth $617,000 after acquiring an additional 39 shares during the period. Institutional investors own 78.79% of the company's stock.

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Public Storage Price Performance

Public Storage stock traded up $1.88 during mid-day trading on Friday, hitting $279.95. 1,035,590 shares of the company traded hands, compared to its average volume of 734,257. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a one year low of $256.31 and a one year high of $369.99. The stock has a market cap of $49.11 billion, a price-to-earnings ratio of 29.07, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. The stock has a fifty day moving average price of $297.08 and a 200-day moving average price of $313.61.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.29%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage's payout ratio is currently 112.89%.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a "sell" rating to a "hold" rating and increased their target price for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Mizuho began coverage on shares of Public Storage in a research note on Wednesday. They issued a "neutral" rating and a $287.00 price objective for the company. Truist Financial raised Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target for the company in a report on Thursday. 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. Finally, Barclays reaffirmed an "overweight" rating and set a $354.00 target price (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Six analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $332.08.

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.