Hsbc Holdings PLC Decreases Position in Public Storage (NYSE:PSA)

Hsbc Holdings PLC lowered its stake in shares of Public Storage (NYSE:PSA - Free Report) by 7.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 650,998 shares of the real estate investment trust's stock after selling 54,395 shares during the quarter. Hsbc Holdings PLC owned 0.37% of Public Storage worth $194,777,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of PSA. Quent Capital LLC raised its holdings in shares of Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock worth $26,000 after buying an additional 50 shares during the period. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Public Storage during the fourth quarter valued at $32,000. Synergy Asset Management LLC bought a new position in shares of Public Storage in the fourth quarter worth about $38,000. Millstone Evans Group LLC purchased a new position in Public Storage in the 4th quarter worth about $38,000. Finally, Bridge Generations Wealth Management LLC bought a new stake in Public Storage during the 4th quarter valued at about $56,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PSA shares. Bank of America raised shares of Public Storage from a "neutral" rating to a "buy" rating and lifted their price target for the company from $349.00 to $368.00 in a research note on Tuesday. Barclays reiterated an "overweight" rating and issued a $354.00 target price (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective for the company in a report on Thursday, April 10th. Wells Fargo & Company dropped their target price on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Finally, Mizuho assumed coverage on shares of Public Storage in a research report on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 price target for the company. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $336.25.

Public Storage Trading Up 3.1 %

Public Storage stock opened at $296.57 on Wednesday. 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 $52.02 billion, a PE ratio of 30.80, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. The stock has a 50-day moving average of $295.58 and a two-hundred day moving average of $310.80. Public Storage has a one year low of $256.31 and a one year high of $369.99.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.05%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage's dividend payout ratio is presently 112.89%.

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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