Mizuho Securities USA LLC Acquires 4,723 Shares of Public Storage (NYSE:PSA)

Mizuho Securities USA LLC increased its stake in Public Storage (NYSE:PSA - Free Report) by 46.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,937 shares of the real estate investment trust's stock after purchasing an additional 4,723 shares during the period. Mizuho Securities USA LLC's holdings in Public Storage were worth $4,473,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Quantbot Technologies LP purchased a new position in shares of Public Storage in the 4th quarter worth about $2,084,000. Millstone Evans Group LLC purchased a new position in shares of Public Storage during the fourth quarter worth approximately $38,000. TD Private Client Wealth LLC boosted its stake in shares of Public Storage by 4.2% in the 4th quarter. TD Private Client Wealth LLC now owns 1,766 shares of the real estate investment trust's stock valued at $529,000 after purchasing an additional 71 shares in the last quarter. HUB Investment Partners LLC grew its holdings in shares of Public Storage by 3.8% during the 4th quarter. HUB Investment Partners LLC now owns 1,365 shares of the real estate investment trust's stock valued at $409,000 after purchasing an additional 50 shares during the last quarter. Finally, Whittier Trust Co. raised its position in Public Storage by 61.7% in the 4th quarter. Whittier Trust Co. now owns 3,021 shares of the real estate investment trust's stock worth $905,000 after purchasing an additional 1,153 shares during the period. Hedge funds and other institutional investors own 78.79% of the company's stock.

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Wall Street Analyst Weigh In

PSA has been the topic of a number of recent research reports. 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. Truist Financial cut their target price 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 lowered their price target on shares of Public Storage from $338.00 to $333.00 and set a "sector perform" rating for the company in a report on Wednesday, March 5th. Barclays reissued an "overweight" rating and issued a $354.00 price target (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Finally, Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and raised their target price for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Seven investment analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $338.00.

Public Storage Stock Down 1.9 %

Shares of PSA stock traded down $5.59 during trading hours on Tuesday, hitting $289.35. 266,529 shares of the company's stock traded hands, compared to its average volume of 721,104. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a market cap of $50.76 billion, a price-to-earnings ratio of 30.05, a PEG ratio of 4.91 and a beta of 0.73. The stock's fifty day simple moving average is $300.07 and its two-hundred day simple moving average is $321.50.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.15%. The ex-dividend date is Thursday, March 13th. Public Storage's dividend payout ratio is presently 112.89%.

About Public Storage

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.