Pictet Asset Management Holding SA Reduces Position in Public Storage (NYSE:PSA)

Pictet Asset Management Holding SA lessened its position in Public Storage (NYSE:PSA - Free Report) by 6.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 107,523 shares of the real estate investment trust's stock after selling 6,858 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.06% of Public Storage worth $32,197,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd bought a new stake in shares of Public Storage during the 3rd quarter valued at $378,000. Townsquare Capital LLC boosted its stake in Public Storage by 42.6% during the third quarter. Townsquare Capital LLC now owns 3,981 shares of the real estate investment trust's stock worth $1,449,000 after acquiring an additional 1,189 shares in the last quarter. CreativeOne Wealth LLC purchased a new stake in Public Storage in the third quarter worth about $248,000. Financial Counselors Inc. purchased a new stake in Public Storage in the third quarter worth about $950,000. Finally, Walleye Capital LLC bought a new position in shares of Public Storage during the third quarter valued at approximately $262,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Performance

Shares of PSA stock traded down $10.74 during trading hours on Friday, reaching $284.00. The company had a trading volume of 1,407,016 shares, compared to its average volume of 717,632. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The business has a fifty day moving average price of $300.05 and a 200-day moving average price of $318.04. Public Storage has a one year low of $256.31 and a one year high of $369.99. The firm has a market cap of $49.82 billion, a PE ratio of 29.49, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73.

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Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a dividend of $3.00 per share. The ex-dividend date was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.23%. Public Storage's dividend payout ratio is presently 112.89%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. 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 research note on Wednesday, February 26th. Wells Fargo & Company cut their target price on 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 dropped 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 note on Wednesday, March 5th. Barclays reissued an "overweight" rating and set a $354.00 price objective (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a "sell" rating to a "hold" rating and lifted their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price 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.