Clearbridge Investments LLC Sells 70,341 Shares of Public Storage (NYSE:PSA)

Clearbridge Investments LLC lessened its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 9.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 654,078 shares of the real estate investment trust's stock after selling 70,341 shares during the quarter. Clearbridge Investments LLC owned approximately 0.37% of Public Storage worth $195,857,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Quent Capital LLC lifted its position in Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock worth $26,000 after buying an additional 50 shares in the last quarter. Synergy Asset Management LLC acquired a new stake in Public Storage during the fourth quarter valued at $38,000. Millstone Evans Group LLC acquired a new stake in Public Storage during the fourth quarter valued at $38,000. Toth Financial Advisory Corp grew its stake in Public Storage by 48.2% in the fourth quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust's stock valued at $61,000 after purchasing an additional 66 shares in the last quarter. Finally, Parkworth Wealth Management Inc. acquired a new position in Public Storage in the 4th quarter worth about $67,000. Institutional investors and hedge funds own 78.79% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on PSA. Royal Bank of Canada lowered their price target on Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a research note on Wednesday, February 26th. Truist Financial cut their price target 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. Scotiabank reduced their price objective on shares of Public Storage from $338.00 to $333.00 and set a "sector perform" rating for the company in a research note on Wednesday, March 5th. Wells Fargo & Company lowered their target price on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Finally, Barclays reaffirmed an "overweight" rating and issued a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Seven investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $338.73.

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Public Storage Stock Performance

Shares of Public Storage stock traded down $10.74 during trading on Friday, reaching $284.00. The company's stock had a trading volume of 1,407,016 shares, compared to its average volume of 717,632. The business's fifty day moving average price is $300.05 and its 200-day moving average price is $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 price-to-earnings ratio of 29.49, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage Announces Dividend

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

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.