KCM Investment Advisors LLC Sells 3,232 Shares of Public Storage (NYSE:PSA)

KCM Investment Advisors LLC reduced its holdings in Public Storage (NYSE:PSA - Free Report) by 69.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,433 shares of the real estate investment trust's stock after selling 3,232 shares during the quarter. KCM Investment Advisors LLC's holdings in Public Storage were worth $429,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PSA. Geode Capital Management LLC increased its holdings in shares of Public Storage by 2.0% in 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 buying an additional 78,472 shares in the last quarter. Norges Bank acquired a new stake in shares of Public Storage during the fourth quarter worth $931,286,000. Bank of New York Mellon Corp lifted its holdings in shares of Public Storage by 2.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust's stock valued at $328,677,000 after purchasing an additional 21,165 shares during the last quarter. Amundi lifted its holdings in shares of Public Storage by 54.0% during the fourth quarter. Amundi now owns 779,882 shares of the real estate investment trust's stock valued at $230,426,000 after purchasing an additional 273,486 shares during the last quarter. Finally, Prudential Financial Inc. boosted its position in shares of Public Storage by 5.6% in the 4th quarter. Prudential Financial Inc. now owns 613,484 shares of the real estate investment trust's stock valued at $183,702,000 after purchasing an additional 32,623 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Royal Bank of Canada reduced their price objective on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a research note on Wednesday, February 26th. Barclays restated an "overweight" rating and issued a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Wells Fargo & Company lowered their price objective on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Mizuho began coverage on Public Storage in a report on Wednesday. They issued a "neutral" rating and a $287.00 target price for the company. Finally, Scotiabank raised Public Storage from a "sector perform" rating to a "sector outperform" rating and decreased their target price for the stock from $333.00 to $305.00 in a research report on Wednesday. Six analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $332.08.

Public Storage Stock Down 0.7 %

NYSE PSA traded down $1.97 on Friday, reaching $276.10. The stock had a trading volume of 281,922 shares, compared to its average volume of 729,572. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The business has a 50 day moving average price of $297.42 and a 200 day moving average price of $314.46. The company has a market capitalization of $48.43 billion, a price-to-earnings ratio of 28.66, a P/E/G ratio of 4.91 and a beta of 0.76.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were paid a $3.00 dividend. The ex-dividend date was Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.35%. Public Storage's payout ratio is 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.