QRG Capital Management Inc. Purchases 1,056 Shares of Public Storage (NYSE:PSA)

QRG Capital Management Inc. lifted its position in Public Storage (NYSE:PSA - Free Report) by 5.3% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 20,982 shares of the real estate investment trust's stock after purchasing an additional 1,056 shares during the period. QRG Capital Management Inc.'s holdings in Public Storage were worth $6,283,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Public Storage by 5.0% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust's stock valued at $16,089,000 after acquiring an additional 2,566 shares during the period. Larson Financial Group LLC lifted its position in Public Storage by 3,714.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust's stock valued at $666,000 after acquiring an additional 1,783 shares in the last quarter. Capital Investment Advisors LLC lifted its holdings in shares of Public Storage by 25.4% during the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust's stock valued at $8,566,000 after purchasing an additional 5,793 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of Public Storage by 114.2% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust's stock valued at $33,302,000 after acquiring an additional 48,803 shares during the last quarter. Finally, Swedbank AB boosted its holdings in shares of Public Storage by 31.9% during the 3rd quarter. Swedbank AB now owns 154,167 shares of the real estate investment trust's stock valued at $56,097,000 after acquiring an additional 37,285 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of research analyst reports. Truist Financial increased their price objective on shares of Public Storage from $306.00 to $340.00 and gave the company a "hold" rating in a research report on Thursday, December 5th. Wells Fargo & Company lowered their price target on Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised 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 report on Friday, January 10th. Barclays lowered their target price on Public Storage from $380.00 to $361.00 and set an "overweight" rating on the stock in a report on Monday, January 13th. Finally, Royal Bank of Canada dropped their target price on 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. Seven equities 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 company's stock. According to data from MarketBeat.com, Public Storage has a consensus rating of "Moderate Buy" and a consensus target price of $340.69.

Public Storage Price Performance

NYSE:PSA traded down $3.09 on Tuesday, reaching $307.95. 850,881 shares of the company's stock traded hands, compared to its average volume of 688,450. The stock has a 50-day simple moving average of $298.53 and a 200-day simple moving average of $325.14. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The firm has a market cap of $54.02 billion, a PE ratio of 32.03, a P/E/G ratio of 4.91 and a beta of 0.74. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

The firm 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 dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.90%. 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 Public Storage 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 sale, the insider now directly owns 2,364 shares in the company, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 11.00% of the stock is owned by insiders.

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.