American Century Companies Inc. Sells 161,737 Shares of Public Storage (NYSE:PSA)

American Century Companies Inc. lowered its position in shares of Public Storage (NYSE:PSA - Free Report) by 19.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 662,748 shares of the real estate investment trust's stock after selling 161,737 shares during the quarter. American Century Companies Inc. owned approximately 0.38% of Public Storage worth $198,454,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in PSA. Mizuho Securities USA LLC lifted its holdings in Public Storage by 46.2% in the fourth quarter. Mizuho Securities USA LLC now owns 14,937 shares of the real estate investment trust's stock valued at $4,473,000 after buying an additional 4,723 shares during the period. Quantbot Technologies LP acquired a new position in shares of Public Storage in the 4th quarter valued at $2,084,000. Millstone Evans Group LLC bought a new position in shares of Public Storage in the 4th quarter worth $38,000. TD Private Client Wealth LLC grew its stake in shares of Public Storage by 4.2% during the fourth quarter. TD Private Client Wealth LLC now owns 1,766 shares of the real estate investment trust's stock worth $529,000 after purchasing an additional 71 shares during the period. Finally, HUB Investment Partners LLC increased its holdings in Public Storage by 3.8% in the fourth 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. Institutional investors own 78.79% of the company's stock.

Public Storage Stock Down 2.0 %

Shares of PSA stock traded down $5.96 on Tuesday, hitting $288.97. 404,266 shares of the stock were exchanged, compared to its average volume of 679,504. 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 capitalization of $50.69 billion, a P/E ratio of 30.01, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The business has a 50-day moving average of $300.07 and a 200 day moving average of $321.50.

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Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage's dividend payout ratio (DPR) is currently 112.89%.

Analysts Set New Price Targets

PSA has been the topic of a number of recent analyst reports. Scotiabank reduced their target price on Public Storage from $338.00 to $333.00 and set a "sector perform" rating on the stock in a report on Wednesday, March 5th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a "sell" rating to a "hold" rating and lifted their price objective for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Barclays reiterated an "overweight" rating and issued a $354.00 target price (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Wells Fargo & Company decreased their price target on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Finally, Truist Financial dropped their price objective on Public Storage from $316.00 to $310.00 and set a "hold" rating on the stock in a research note on Tuesday, March 18th. Seven equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Public Storage has an average rating of "Moderate Buy" and an average price target of $338.00.

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.