OVERSEA CHINESE BANKING Corp Ltd Reduces Position in Public Storage (NYSE:PSA)

OVERSEA CHINESE BANKING Corp Ltd decreased its stake in shares of Public Storage (NYSE:PSA - Free Report) by 32.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 16,125 shares of the real estate investment trust's stock after selling 7,612 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Public Storage were worth $4,828,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Chesapeake Wealth Management grew its position in Public Storage by 2.2% in the 3rd quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust's stock valued at $560,000 after purchasing an additional 33 shares during the period. Lindenwold Advisors INC grew its position in Public Storage by 0.8% in the 3rd quarter. Lindenwold Advisors INC now owns 4,390 shares of the real estate investment trust's stock valued at $1,597,000 after purchasing an additional 34 shares during the period. Doliver Advisors LP grew its position in Public Storage by 2.6% in the 4th quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust's stock valued at $433,000 after purchasing an additional 36 shares during the period. Brooklyn Investment Group grew its position in Public Storage by 3.4% in the 4th quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust's stock valued at $345,000 after purchasing an additional 38 shares during the period. Finally, Werba Rubin Papier Wealth Management grew its position in Public Storage by 1.7% in the 4th quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust's stock valued at $681,000 after purchasing an additional 38 shares during the period. Institutional investors and hedge funds own 78.79% of the company's stock.

Remove Ads

Wall Street Analyst Weigh In

A number of research firms have issued reports 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 report on Friday, February 21st. Barclays reaffirmed an "overweight" rating and set a $354.00 price objective (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Scotiabank cut 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. 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 on the stock in a report on Wednesday, February 26th. Finally, Truist Financial cut their price objective on shares of Public Storage from $316.00 to $310.00 and set a "hold" rating on the stock in a report on Tuesday, March 18th. Seven research analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Public Storage presently has a consensus rating of "Moderate Buy" and an average price target of $338.00.

Public Storage Stock Performance

Public Storage stock traded down $5.30 during midday trading on Friday, reaching $291.19. The stock had a trading volume of 1,421,680 shares, compared to its average volume of 679,614. The firm has a market capitalization of $51.08 billion, a PE ratio of 30.24, a P/E/G ratio of 4.91 and a beta of 0.73. Public Storage has a 12 month low of $256.31 and a 12 month 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's 50-day moving average price is $299.96 and its 200 day moving average price is $321.98.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.12%. The ex-dividend date of this dividend is Thursday, March 13th. 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.