Public Storage (NYSE:PSA) Shares Sold by TCW Group Inc.

TCW Group Inc. cut its position in Public Storage (NYSE:PSA - Free Report) by 28.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,372 shares of the real estate investment trust's stock after selling 5,699 shares during the period. TCW Group Inc.'s holdings in Public Storage were worth $5,230,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp increased its holdings in Public Storage by 0.5% in the third quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust's stock valued at $3,773,571,000 after buying an additional 55,123 shares during the last quarter. FMR LLC boosted its position in shares of Public Storage by 20.9% during the 3rd 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 in the last quarter. Geode Capital Management LLC increased its holdings in shares of Public Storage by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust's stock valued at $1,425,941,000 after acquiring an additional 52,807 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Public Storage by 2.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust's stock worth $1,023,080,000 after acquiring an additional 54,992 shares in the last quarter. Finally, APG Asset Management US Inc. lifted its stake in Public Storage by 4.8% during the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust's stock worth $623,485,000 after purchasing an additional 100,000 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PSA. Wells Fargo & Company lowered their price target on Public Storage from $375.00 to $365.00 and set an "overweight" rating for the company in a report on Tuesday, November 5th. Morgan Stanley increased their target price on shares of Public Storage from $293.00 to $315.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 2nd. Evercore ISI reduced their price target on shares of Public Storage from $343.00 to $338.00 and set an "in-line" rating for the company in a research report on Monday, October 14th. Citigroup upped their price objective on shares of Public Storage from $303.00 to $378.00 and gave the company a "buy" rating in a research note on Friday, August 30th. Finally, Scotiabank lifted their target price on Public Storage from $308.00 to $339.00 and gave the stock a "sector perform" rating in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $342.07.

Public Storage Stock Performance

Shares of NYSE PSA traded down $2.52 during mid-day trading on Thursday, hitting $320.82. 650,147 shares of the company were exchanged, compared to its average volume of 714,059. The stock has a 50 day simple moving average of $338.54 and a 200-day simple moving average of $322.13. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a market cap of $56.18 billion, a price-to-earnings ratio of 33.58, a price-to-earnings-growth ratio of 5.56 and a beta of 0.71.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.74%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage's dividend payout ratio (DPR) is presently 124.61%.

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.