Sequoia Financial Advisors LLC Grows Holdings in Public Storage (NYSE:PSA)

Sequoia Financial Advisors LLC increased its position in Public Storage (NYSE:PSA - Free Report) by 25.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,472 shares of the real estate investment trust's stock after purchasing an additional 1,710 shares during the period. Sequoia Financial Advisors LLC's holdings in Public Storage were worth $2,537,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Public Storage by 5.0% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust's stock worth $16,089,000 after purchasing an additional 2,566 shares during the period. Larson Financial Group LLC grew its stake in Public Storage by 3,714.6% in the third quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust's stock worth $666,000 after purchasing an additional 1,783 shares during the period. Capital Investment Advisors LLC grew its stake in Public Storage by 25.4% in the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust's stock worth $8,566,000 after purchasing an additional 5,793 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in Public Storage by 114.2% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust's stock worth $33,302,000 after purchasing an additional 48,803 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Public Storage by 30.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust's stock worth $40,926,000 after purchasing an additional 31,662 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

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Public Storage Stock Performance

PSA stock traded down $2.93 during trading on Wednesday, reaching $295.57. The stock had a trading volume of 796,062 shares, compared to its average volume of 676,381. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The stock's 50 day moving average is $299.89 and its two-hundred day moving average is $322.86. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a market cap of $51.85 billion, a PE ratio of 30.69, a PEG ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date is Thursday, March 13th. Public Storage's dividend payout ratio is 112.89%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on PSA shares. 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. Royal Bank of Canada cut their target price 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. Scotiabank cut their target price on 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. Truist Financial cut their target price on Public Storage from $316.00 to $310.00 and set a "hold" rating on the stock in a research note on Tuesday. Finally, Barclays reissued an "overweight" rating and issued a $354.00 target price (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Seven investment 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $337.38.

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.