Magnetar Financial LLC Makes New Investment in Public Storage (NYSE:PSA)

Magnetar Financial LLC bought a new position in shares of Public Storage (NYSE:PSA - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 4,857 shares of the real estate investment trust's stock, valued at approximately $1,454,000.

A number of other hedge funds have also made changes to their positions in the company. State Street Corp grew its stake in Public Storage by 0.5% during the third quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust's stock worth $3,773,571,000 after buying an additional 55,123 shares during the last quarter. FMR LLC boosted its holdings in shares of Public Storage by 20.9% in the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust's stock worth $1,828,763,000 after acquiring an additional 869,066 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Public Storage by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust's stock worth $1,425,941,000 after acquiring an additional 52,807 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Public Storage by 2.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust's stock worth $1,023,080,000 after acquiring an additional 54,992 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Public Storage by 732.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust's stock valued at $561,763,000 after purchasing an additional 1,358,493 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

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Analyst Ratings Changes

Several brokerages have recently commented on PSA. 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. Barclays reissued an "overweight" rating and set a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Royal Bank of Canada lowered 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 report on Wednesday, February 26th. Scotiabank reduced their target price on shares of Public Storage from $338.00 to $333.00 and set a "sector perform" rating on the stock in a research report on Wednesday, March 5th. Finally, Truist Financial lowered their price target on shares of Public Storage from $316.00 to $310.00 and set a "hold" rating for the company in a report on Tuesday, March 18th. Seven analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Public Storage currently has a consensus rating of "Moderate Buy" and an average price target of $338.00.

Public Storage Trading Down 2.0 %

Shares of Public Storage stock traded down $5.96 during trading on Tuesday, reaching $288.97. 610,234 shares of the company were exchanged, compared to its average volume of 679,504. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The business has a 50-day moving average price of $300.07 and a 200-day moving average price of $321.50. 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 market capitalization of $50.69 billion, a price-to-earnings ratio of 30.01, a P/E/G ratio of 4.91 and a beta of 0.73.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.15%. Public Storage's dividend payout ratio (DPR) 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.