PGGM Investments Sells 13,083 Shares of Public Storage (NYSE:PSA)

PGGM Investments lessened its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 6.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 179,448 shares of the real estate investment trust's stock after selling 13,083 shares during the period. PGGM Investments owned about 0.10% of Public Storage worth $53,734,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Skandinaviska Enskilda Banken AB publ grew its position in Public Storage by 56.1% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 121,137 shares of the real estate investment trust's stock worth $35,834,000 after buying an additional 43,529 shares in the last quarter. Erste Asset Management GmbH lifted its position in shares of Public Storage by 1.7% during the 4th quarter. Erste Asset Management GmbH now owns 23,300 shares of the real estate investment trust's stock valued at $6,946,000 after acquiring an additional 400 shares during the period. Achmea Investment Management B.V. grew its holdings in shares of Public Storage by 26.6% during the 4th quarter. Achmea Investment Management B.V. now owns 48,427 shares of the real estate investment trust's stock worth $14,501,000 after purchasing an additional 10,181 shares in the last quarter. Parkworth Wealth Management Inc. bought a new position in shares of Public Storage in the fourth quarter worth $67,000. Finally, EverSource Wealth Advisors LLC raised its stake in Public Storage by 399.5% in the fourth quarter. EverSource Wealth Advisors LLC now owns 914 shares of the real estate investment trust's stock valued at $274,000 after purchasing an additional 731 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Price Performance

Shares of PSA opened at $303.39 on Thursday. 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 stock has a market cap of $53.22 billion, a PE ratio of 31.50, a PEG 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 business has a 50-day simple moving average of $299.92 and a two-hundred day simple moving average of $324.23.

Public Storage Announces Dividend

The company also recently disclosed 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. This represents a $12.00 annualized dividend and a dividend yield of 3.96%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage's dividend payout ratio is currently 112.89%.

Insider Activity at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the company's stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the transaction, the insider now directly owns 2,364 shares in the company, valued at approximately $751,728.36. This represents a 15.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 11.10% of the stock is owned by company insiders.

Analyst Ratings Changes

PSA has been the topic of a number of analyst reports. Wells Fargo & Company reduced 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. Scotiabank reduced their price target 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. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a "sell" rating to a "hold" rating and lifted their price objective for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Barclays restated an "overweight" rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a research note on Wednesday. Finally, Royal Bank of Canada decreased their price target on Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a research note on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $339.69.

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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.

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