State of Tennessee Department of Treasury Sells 2,124 Shares of Public Storage (NYSE:PSA)

State of Tennessee Department of Treasury reduced its position in Public Storage (NYSE:PSA - Free Report) by 2.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 90,587 shares of the real estate investment trust's stock after selling 2,124 shares during the quarter. State of Tennessee Department of Treasury owned approximately 0.05% of Public Storage worth $27,125,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of PSA. Quent Capital LLC increased its stake in Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock valued at $26,000 after acquiring an additional 50 shares during the period. Strategic Investment Solutions Inc. IL bought a new position in shares of Public Storage during the 4th quarter worth approximately $32,000. Synergy Asset Management LLC acquired a new stake in Public Storage in the 4th quarter valued at $38,000. Millstone Evans Group LLC bought a new stake in Public Storage in the fourth quarter valued at $38,000. Finally, Bridge Generations Wealth Management LLC bought a new position in shares of Public Storage during the fourth quarter valued at $56,000. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Trading Down 1.0 %

Shares of PSA stock traded down $2.94 on Friday, hitting $290.85. The stock had a trading volume of 909,822 shares, compared to its average volume of 737,933. The firm has a market cap of $51.02 billion, a P/E ratio of 30.20, a PEG ratio of 4.91 and a beta of 0.76. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. 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 company has a fifty day moving average price of $295.33 and a two-hundred day moving average price of $309.93.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date was Thursday, March 13th. Public Storage's dividend payout ratio is currently 112.89%.

Analyst Ratings Changes

Several equities analysts recently issued reports on PSA shares. Royal Bank of Canada cut their price target on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a report on Wednesday, February 26th. Scotiabank upgraded Public Storage from a "sector perform" rating to a "sector outperform" rating and decreased their price target for the stock from $333.00 to $305.00 in a research report on Wednesday, April 9th. Wells Fargo & Company reduced their price objective 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. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a "sell" rating to a "hold" rating and upped their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Mizuho started coverage on shares of Public Storage in a research note on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 target price for the company. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Public Storage has a consensus rating of "Moderate Buy" and an average price target of $336.25.

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.