Swiss National Bank Sells 24,500 Shares of Public Storage (NYSE:PSA)

Swiss National Bank trimmed its holdings in Public Storage (NYSE:PSA - Free Report) by 5.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 444,900 shares of the real estate investment trust's stock after selling 24,500 shares during the period. Swiss National Bank owned about 0.25% of Public Storage worth $133,221,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in PSA. Parkworth Wealth Management Inc. purchased a new position in Public Storage during the fourth quarter valued at $67,000. EverSource Wealth Advisors LLC lifted its position in shares of Public Storage by 399.5% in the fourth quarter. EverSource Wealth Advisors LLC now owns 914 shares of the real estate investment trust's stock worth $274,000 after buying an additional 731 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in Public Storage by 25.3% during the fourth quarter. Sequoia Financial Advisors LLC now owns 8,472 shares of the real estate investment trust's stock valued at $2,537,000 after buying an additional 1,710 shares during the last quarter. HighTower Advisors LLC grew its holdings in Public Storage by 1.6% during the 4th quarter. HighTower Advisors LLC now owns 355,175 shares of the real estate investment trust's stock valued at $106,354,000 after buying an additional 5,512 shares in the last quarter. Finally, GC Wealth Management RIA LLC raised its holdings in shares of Public Storage by 2.1% during the 4th quarter. GC Wealth Management RIA LLC now owns 24,274 shares of the real estate investment trust's stock worth $7,269,000 after acquiring an additional 499 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

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Public Storage Stock Down 0.7 %

Shares of PSA stock traded down $2.14 during mid-day trading on Tuesday, hitting $298.27. The stock had a trading volume of 510,295 shares, compared to its average volume of 675,974. 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 current ratio of 0.97 and a quick ratio of 0.97. The firm's 50-day moving average is $299.89 and its two-hundred day moving average is $323.18. The firm has a market capitalization of $52.32 billion, a P/E ratio of 30.97, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.02%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage's payout ratio is 112.89%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PSA shares. Truist Financial reduced their price target on shares of Public Storage from $316.00 to $310.00 and set a "hold" rating on the stock in a research report on Tuesday. Royal Bank of Canada cut their price objective on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a research report on Wednesday, February 26th. Barclays restated an "overweight" rating and issued a $354.00 target price (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Wells Fargo & Company reduced their price objective on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Finally, Scotiabank dropped 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. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $337.38.

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.