Public Storage (NYSE:PSA) Position Lessened by Commerce Bank

Commerce Bank lowered its position in shares of Public Storage (NYSE:PSA - Free Report) by 10.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 55,671 shares of the real estate investment trust's stock after selling 6,730 shares during the period. Commerce Bank's holdings in Public Storage were worth $16,670,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. CANADA LIFE ASSURANCE Co boosted its position in shares of Public Storage by 7.4% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 425,589 shares of the real estate investment trust's stock worth $127,280,000 after buying an additional 29,220 shares during the period. Strategic Investment Solutions Inc. IL bought a new position in shares of Public Storage in the fourth quarter worth $32,000. Farringdon Capital Ltd. bought a new stake in shares of Public Storage during the fourth quarter valued at about $316,000. Marshall Wace LLP lifted its holdings in Public Storage by 300.2% in the fourth quarter. Marshall Wace LLP now owns 39,936 shares of the real estate investment trust's stock worth $11,958,000 after purchasing an additional 29,958 shares during the period. Finally, NewEdge Advisors LLC grew its position in Public Storage by 3.2% in the 4th quarter. NewEdge Advisors LLC now owns 142,242 shares of the real estate investment trust's stock valued at $42,593,000 after buying an additional 4,397 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on PSA shares. Mizuho began coverage on shares of Public Storage in a report on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 price objective for the company. Wells Fargo & Company cut their price objective on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Bank of America raised Public Storage from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $349.00 to $368.00 in a report on Tuesday. Barclays restated an "overweight" rating and set a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a "sell" rating to a "hold" rating and boosted their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $336.25.

Public Storage Stock Up 0.2 %

Shares of PSA stock traded up $0.48 on Thursday, reaching $295.71. 207,078 shares of the company's stock traded hands, compared to its average volume of 734,671. The company has a market capitalization of $51.87 billion, a P/E ratio of 30.68, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The business's 50 day moving average price is $295.53 and its two-hundred day moving average price is $310.69.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued a $3.00 dividend. 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 4.06%. Public Storage's dividend payout ratio is 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.