Renaissance Technologies LLC Sells 32,266 Shares of Public Storage (NYSE:PSA)

Renaissance Technologies LLC trimmed its position in shares of Public Storage (NYSE:PSA - Free Report) by 19.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 129,534 shares of the real estate investment trust's stock after selling 32,266 shares during the quarter. Renaissance Technologies LLC owned 0.07% of Public Storage worth $38,788,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in PSA. Bank of Nova Scotia grew its position in Public Storage by 5.7% in the 4th quarter. Bank of Nova Scotia now owns 21,538 shares of the real estate investment trust's stock worth $6,450,000 after purchasing an additional 1,171 shares in the last quarter. FIL Ltd grew its holdings in shares of Public Storage by 3.9% in the fourth quarter. FIL Ltd now owns 39,371 shares of the real estate investment trust's stock valued at $11,789,000 after acquiring an additional 1,474 shares in the last quarter. Rathbones Group PLC increased its position in shares of Public Storage by 42.4% during the fourth quarter. Rathbones Group PLC now owns 47,797 shares of the real estate investment trust's stock valued at $14,312,000 after acquiring an additional 14,221 shares during the last quarter. Twin Capital Management Inc. lifted its holdings in Public Storage by 3.6% during the fourth quarter. Twin Capital Management Inc. now owns 4,431 shares of the real estate investment trust's stock worth $1,327,000 after acquiring an additional 152 shares during the period. Finally, Invesco Ltd. boosted its position in Public Storage by 2.6% in the fourth quarter. Invesco Ltd. now owns 1,099,249 shares of the real estate investment trust's stock worth $329,159,000 after purchasing an additional 27,693 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

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Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PSA shares. Royal Bank of Canada lowered their target price on Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a research note on Wednesday, February 26th. Wells Fargo & Company dropped their target price on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target on the stock in a report on Thursday, April 10th. Barclays reissued an "overweight" rating and set a $354.00 price objective (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Finally, Scotiabank upgraded Public Storage from a "sector perform" rating to a "sector outperform" rating and lowered their target price for the company from $333.00 to $305.00 in a research note on Wednesday, April 9th. Six analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Public Storage has a consensus rating of "Moderate Buy" and a consensus target price of $332.08.

Public Storage Price Performance

Public Storage stock traded up $0.08 during midday trading on Tuesday, hitting $288.81. 374,646 shares of the company's stock were exchanged, compared to its average volume of 735,316. The company has a market cap of $50.66 billion, a P/E ratio of 29.99, a PEG ratio of 4.91 and a beta of 0.76. 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 stock has a 50-day moving average price of $296.81 and a two-hundred day moving average price of $313.14. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.15%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage's payout ratio is 112.89%.

Public Storage 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.