Fmr LLC Cuts Holdings in Public Storage (NYSE:PSA)

FMR LLC lessened its holdings in Public Storage (NYSE:PSA - Free Report) by 14.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,300,593 shares of the real estate investment trust's stock after selling 725,276 shares during the period. FMR LLC owned about 2.46% of Public Storage worth $1,287,770,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Quent Capital LLC grew its holdings in shares of Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 50 shares during the last quarter. Synergy Asset Management LLC acquired a new stake in Public Storage in the fourth quarter valued at approximately $38,000. Millstone Evans Group LLC bought a new stake in shares of Public Storage during the fourth quarter worth $38,000. Toth Financial Advisory Corp increased its holdings in shares of Public Storage by 48.2% during the fourth quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust's stock worth $61,000 after buying an additional 66 shares in the last quarter. Finally, Parkworth Wealth Management Inc. bought a new position in shares of Public Storage in the 4th quarter valued at $67,000. Institutional investors and hedge funds own 78.79% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Barclays restated an "overweight" rating and set a $354.00 price target (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a "sell" rating to a "hold" rating and raised their price target for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective on the stock in a research note on Thursday. Mizuho began coverage on Public Storage in a research note on Wednesday. They issued a "neutral" rating and a $287.00 price target for the company. Finally, Royal Bank of Canada reduced their target price on Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a report on Wednesday, February 26th. Six investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $332.08.

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Public Storage Stock Up 0.7 %

Shares of PSA traded up $1.88 on Friday, reaching $279.95. The company's stock had a trading volume of 1,035,590 shares, compared to its average volume of 733,388. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The stock has a market capitalization of $49.11 billion, a PE ratio of 29.07, a PEG ratio of 4.91 and a beta of 0.76. 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 fifty day moving average of $297.08 and a 200-day moving average of $313.91.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.29%. Public Storage's 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.