Public Storage (NYSE:PSA) Shares Sold by Davis Selected Advisers

Davis Selected Advisers decreased its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 8.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 50,090 shares of the real estate investment trust's stock after selling 4,430 shares during the quarter. Davis Selected Advisers' holdings in Public Storage were worth $14,999,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Public Storage by 732.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust's stock worth $561,763,000 after buying an additional 1,358,493 shares during the period. Adelante Capital Management LLC grew its stake in Public Storage by 389.9% in the 3rd quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust's stock worth $532,465,000 after acquiring an additional 1,164,630 shares in the last quarter. FMR LLC increased its position in shares of Public Storage by 20.9% during the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust's stock worth $1,828,763,000 after acquiring an additional 869,066 shares during the period. Daiwa Securities Group Inc. increased its position in shares of Public Storage by 57.3% during the third quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust's stock worth $405,278,000 after acquiring an additional 405,847 shares during the period. Finally, Aew Capital Management L P boosted its holdings in shares of Public Storage by 108.6% in the fourth quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust's stock valued at $131,574,000 after purchasing an additional 228,740 shares during the period. Institutional investors own 78.79% of the company's stock.

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Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Scotiabank decreased their target price on Public Storage from $338.00 to $333.00 and set a "sector perform" rating for the company in a research report on Wednesday, March 5th. Barclays restated an "overweight" rating and issued a $354.00 price objective (down from $361.00) on shares of Public Storage in a report on Wednesday. Truist Financial increased their target price on shares of Public Storage from $306.00 to $340.00 and gave the stock a "hold" rating in a report on Thursday, December 5th. Wells Fargo & Company reduced 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, Royal Bank of Canada lowered 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 research report on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $339.69.

Public Storage Stock Down 1.6 %

Public Storage stock traded down $4.82 during midday trading on Wednesday, reaching $303.39. The company's stock had a trading volume of 834,408 shares, compared to its average volume of 725,606. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $53.22 billion, a P/E ratio of 31.50, a PEG ratio of 4.91 and a beta of 0.73. The stock's 50-day simple moving average is $299.84 and its 200-day simple moving average is $324.37. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date is Thursday, March 13th. Public Storage's dividend payout ratio (DPR) is presently 112.89%.

Insider Buying and Selling

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the firm's stock in a transaction on Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the transaction, the insider now owns 2,364 shares of the company's stock, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 11.10% of the stock is owned by company insiders.

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.