Tower Research Capital LLC TRC Lowers Stake in Public Storage (NYSE:PSA)

Tower Research Capital LLC TRC decreased its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 30.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,484 shares of the real estate investment trust's stock after selling 2,899 shares during the period. Tower Research Capital LLC TRC's holdings in Public Storage were worth $1,942,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Cohen & Steers Inc. raised its stake in Public Storage by 12.3% during the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock valued at $1,626,731,000 after buying an additional 592,944 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Public Storage by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust's stock worth $1,197,769,000 after purchasing an additional 78,472 shares during the last quarter. Norges Bank bought a new position in Public Storage in the 4th quarter worth about $931,286,000. Invesco Ltd. grew its position in Public Storage by 2.6% during the 4th quarter. Invesco Ltd. now owns 1,099,249 shares of the real estate investment trust's stock valued at $329,159,000 after purchasing an additional 27,693 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Public Storage by 2.0% during the 4th quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust's stock valued at $328,677,000 after purchasing an additional 21,165 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Trading Up 3.1 %

Shares of Public Storage stock opened at $296.57 on Wednesday. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The company's fifty day simple moving average is $295.58 and its 200-day simple moving average is $310.80. 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 stock has a market capitalization of $52.02 billion, a PE ratio of 30.80, a P/E/G ratio of 4.91 and a beta of 0.76.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.05%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage's dividend payout ratio is presently 112.89%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Mizuho initiated coverage on shares of Public Storage in a research note on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 target price on the stock. Bank of America upgraded Public Storage from a "neutral" rating to a "buy" rating and increased their target price for the company from $349.00 to $368.00 in a research note on Tuesday. 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 increased their price objective for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Scotiabank raised Public Storage from a "sector perform" rating to a "sector outperform" rating and decreased their target price for the stock from $333.00 to $305.00 in a research report on Wednesday, April 9th. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $336.25.

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.

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