61,514 Shares in Public Storage (NYSE:PSA) Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS bought a new stake in Public Storage (NYSE:PSA - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 61,514 shares of the real estate investment trust's stock, valued at approximately $18,420,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PSA. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Public Storage by 5.0% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust's stock valued at $16,089,000 after purchasing an additional 2,566 shares during the period. Capital Investment Advisors LLC boosted its position in Public Storage by 25.4% in the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust's stock valued at $8,566,000 after buying an additional 5,793 shares during the last quarter. Larson Financial Group LLC increased its holdings in Public Storage by 3,714.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust's stock worth $666,000 after buying an additional 1,783 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Public Storage by 30.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust's stock worth $40,926,000 after buying an additional 31,662 shares during the period. Finally, Meridian Wealth Management LLC purchased a new position in Public Storage during the 4th quarter worth approximately $395,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

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Public Storage Trading Down 2.0 %

Shares of PSA traded down $5.96 during midday trading on Tuesday, reaching $288.97. The company had a trading volume of 610,234 shares, compared to its average volume of 680,711. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. 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 firm has a 50 day simple moving average of $300.07 and a 200-day simple moving average of $321.50. The stock has a market cap of $50.69 billion, a PE ratio of 30.01, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.15%. The ex-dividend date is Thursday, March 13th. Public Storage's payout ratio is currently 112.89%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PSA. Wells Fargo & Company cut 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 note on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded 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. Barclays reiterated an "overweight" rating and set a $354.00 price target (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Truist Financial dropped their price objective on shares of Public Storage from $316.00 to $310.00 and set a "hold" rating on the stock in a research note on Tuesday, March 18th. Finally, Royal Bank of Canada cut 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 report on Wednesday, February 26th. Seven equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $338.00.

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.