Korea Investment CORP Acquires 20,233 Shares of Public Storage (NYSE:PSA)

Korea Investment CORP raised its stake in Public Storage (NYSE:PSA - Free Report) by 29.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 89,924 shares of the real estate investment trust's stock after purchasing an additional 20,233 shares during the quarter. Korea Investment CORP owned approximately 0.05% of Public Storage worth $26,927,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Public Storage by 2.3% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 90,561 shares of the real estate investment trust's stock worth $27,118,000 after buying an additional 2,015 shares during the period. Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Public Storage by 3.8% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,076 shares of the real estate investment trust's stock worth $1,221,000 after acquiring an additional 149 shares in the last quarter. Prestige Wealth Management Group LLC increased its stake in shares of Public Storage by 9.3% in the 4th quarter. Prestige Wealth Management Group LLC now owns 2,256 shares of the real estate investment trust's stock valued at $676,000 after purchasing an additional 192 shares during the last quarter. Modern Wealth Management LLC boosted its position in Public Storage by 81.1% in the fourth quarter. Modern Wealth Management LLC now owns 1,349 shares of the real estate investment trust's stock valued at $409,000 after buying an additional 604 shares in the last quarter. Finally, Prudential Financial Inc. grew its holdings in shares of Public Storage by 5.6% during the fourth quarter. Prudential Financial Inc. now owns 613,484 shares of the real estate investment trust's stock worth $183,702,000 after purchasing an additional 32,623 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Stock Performance

PSA stock traded down $4.57 during mid-day trading on Wednesday, hitting $294.29. The company had a trading volume of 145,243 shares, compared to its average volume of 713,461. The stock's fifty day moving average price is $300.01 and its two-hundred day moving average price is $318.91. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The firm has a market cap of $51.62 billion, a PE ratio of 30.54, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. 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 Announces Dividend

The firm also recently disclosed 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 of this dividend was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.08%. Public Storage's dividend payout ratio is 112.89%.

Analysts Set New Price Targets

A number of brokerages have commented on PSA. Barclays reaffirmed an "overweight" rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Scotiabank dropped their price objective on shares of Public Storage from $338.00 to $333.00 and set a "sector perform" rating on the stock in a report on Wednesday, March 5th. Wells Fargo & Company decreased their target price on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. Royal Bank of Canada cut their price target on Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a report on Wednesday, February 26th. Finally, Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and increased their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Seven research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage currently has an average rating of "Moderate Buy" and an average price target of $338.73.

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.