Franklin Resources Inc. Sells 5,026 Shares of Public Storage (NYSE:PSA)

Franklin Resources Inc. reduced its holdings in Public Storage (NYSE:PSA - Free Report) by 6.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 73,132 shares of the real estate investment trust's stock after selling 5,026 shares during the quarter. Franklin Resources Inc.'s holdings in Public Storage were worth $21,899,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Public Storage by 5.0% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust's stock worth $16,089,000 after buying an additional 2,566 shares during the period. Capital Investment Advisors LLC boosted its stake in Public Storage by 25.4% during the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust's stock worth $8,566,000 after acquiring an additional 5,793 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Public Storage by 30.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust's stock worth $40,926,000 after purchasing an additional 31,662 shares during the period. Meridian Wealth Management LLC bought a new stake in Public Storage in the fourth quarter valued at $395,000. Finally, Aew Capital Management L P raised its holdings in shares of Public Storage by 108.6% during the fourth quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust's stock valued at $131,574,000 after purchasing an additional 228,740 shares during the period. 78.79% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

Several brokerages have recently commented on PSA. Wells Fargo & Company reduced their target price on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and raised their price objective for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Mizuho initiated coverage on Public Storage in a research report on Wednesday. They set a "neutral" rating and a $287.00 target price on the stock. Royal Bank of Canada reduced their price target on shares of 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, Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target for the company in a research note on Thursday. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Public Storage has an average rating of "Moderate Buy" and a consensus target price of $332.08.

Public Storage Stock Up 0.7 %

Public Storage stock traded up $1.88 during midday trading on Friday, hitting $279.95. 1,035,590 shares of the stock were exchanged, compared to its average volume of 733,388. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a market capitalization 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. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The business's 50-day moving average price is $297.08 and its 200-day moving average price is $313.91.

Public Storage Dividend Announcement

The firm also recently announced 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 annualized dividend and a dividend yield of 4.29%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage's dividend payout ratio is presently 112.89%.

About Public Storage

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.