Prudential Financial Inc. Buys 32,623 Shares of Public Storage (NYSE:PSA)

Prudential Financial Inc. lifted its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 5.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 613,484 shares of the real estate investment trust's stock after acquiring an additional 32,623 shares during the quarter. Prudential Financial Inc. owned 0.35% of Public Storage worth $183,702,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. State Street Corp raised its stake in shares of Public Storage by 0.5% during the 3rd quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust's stock worth $3,773,571,000 after purchasing an additional 55,123 shares during the period. FMR LLC increased its holdings in Public Storage by 20.9% during the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust's stock worth $1,828,763,000 after buying an additional 869,066 shares during the last quarter. Geode Capital Management LLC raised its position in Public Storage by 1.4% in the third 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 during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Public Storage by 732.9% in the third 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 acquiring an additional 1,358,493 shares during the last quarter. Finally, Adelante Capital Management LLC grew its position in shares of Public Storage by 389.9% during the 3rd quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust's stock valued at $532,465,000 after acquiring an additional 1,164,630 shares during the period. Hedge funds and other institutional investors own 78.79% of the company's stock.

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Wall Street Analysts Forecast Growth

Several research firms recently commented on PSA. Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and increased their price objective for the company from $298.00 to $299.00 in a report on Friday, January 10th. Barclays reissued an "overweight" rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Wells Fargo & Company dropped 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. Truist Financial reduced their target price on shares of Public Storage from $316.00 to $310.00 and set a "hold" rating for the company in a research note on Tuesday, March 18th. Finally, Royal Bank of Canada dropped their price target on shares of 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 equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $338.00.

Public Storage Price Performance

NYSE:PSA traded down $5.96 during trading hours on Tuesday, hitting $288.97. The stock had a trading volume of 610,234 shares, compared to its average volume of 680,711. The company has a 50 day simple moving average of $300.04 and a two-hundred day simple moving average of $321.10. 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. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a one year low of $256.31 and a one year high of $369.99.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.15%. The ex-dividend date is Thursday, March 13th. Public Storage's payout ratio is 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.