First Trust Advisors LP Boosts Stake in Public Storage (NYSE:PSA)

First Trust Advisors LP raised its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 15.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 209,327 shares of the real estate investment trust's stock after buying an additional 28,241 shares during the period. First Trust Advisors LP owned about 0.12% of Public Storage worth $62,681,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of PSA. Cohen & Steers Inc. boosted its holdings in Public Storage by 12.3% during the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock valued at $1,626,731,000 after acquiring an additional 592,944 shares during the period. Geode Capital Management LLC boosted its stake in shares of Public Storage by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust's stock valued at $1,197,769,000 after purchasing an additional 78,472 shares during the period. Norges Bank purchased a new stake in shares of Public Storage during the fourth quarter valued at $931,286,000. Invesco Ltd. grew its holdings in shares of Public Storage by 2.6% in the fourth quarter. Invesco Ltd. now owns 1,099,249 shares of the real estate investment trust's stock worth $329,159,000 after purchasing an additional 27,693 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Public Storage by 2.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust's stock worth $328,677,000 after buying an additional 21,165 shares during the period. Institutional investors own 78.79% of the company's stock.

Public Storage Stock Up 3.1 %

NYSE:PSA opened at $296.57 on Wednesday. The company's 50-day simple moving average is $295.58 and its 200-day simple moving average is $310.80. 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 fifty-two week low of $256.31 and a fifty-two week high of $369.99. The stock has a market capitalization of $52.02 billion, a P/E ratio of 30.80, a P/E/G ratio of 4.91 and a beta of 0.76.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.05%. The ex-dividend date was Thursday, March 13th. Public Storage's dividend payout ratio is currently 112.89%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PSA. Deutsche Bank Aktiengesellschaft upgraded shares of 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 research note on Friday, January 10th. Scotiabank raised Public Storage from a "sector perform" rating to a "sector outperform" rating and dropped their price objective for the stock from $333.00 to $305.00 in a research note on Wednesday, April 9th. Truist Financial raised Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price for the company in a research report on Thursday, April 10th. Bank of America raised Public Storage from a "neutral" rating to a "buy" rating and increased their price target for the stock from $349.00 to $368.00 in a research report on Tuesday. Finally, Wells Fargo & Company decreased their price objective on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $336.25.

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.

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