Vestcor Inc Cuts Holdings in Public Storage (NYSE:PSA)

Vestcor Inc lessened its holdings in Public Storage (NYSE:PSA - Free Report) by 12.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,278 shares of the real estate investment trust's stock after selling 2,032 shares during the quarter. Vestcor Inc's holdings in Public Storage were worth $4,275,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake 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 purchasing an additional 2,566 shares during the period. Larson Financial Group LLC increased its holdings in Public Storage by 3,714.6% in the third quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust's stock valued at $666,000 after buying an additional 1,783 shares in the last quarter. Capital Investment Advisors LLC lifted its position in shares of Public Storage by 25.4% during the 4th quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust's stock valued at $8,566,000 after acquiring an additional 5,793 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake 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 worth $33,302,000 after acquiring an additional 48,803 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Public Storage by 30.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust's stock worth $40,926,000 after acquiring an additional 31,662 shares during the period. Institutional investors and hedge funds own 78.79% of the company's stock.

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Public Storage Trading Down 0.7 %

PSA stock traded down $2.14 during midday trading on Tuesday, hitting $298.27. The stock had a trading volume of 510,295 shares, compared to its average volume of 675,974. 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 has a market cap of $52.32 billion, a PE ratio of 30.97, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. The company's 50-day moving average price is $299.89 and its 200 day moving average price is $323.18. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99.

Public Storage Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on PSA shares. Barclays reaffirmed 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. Scotiabank cut their price target on Public Storage from $338.00 to $333.00 and set a "sector perform" rating for the company in a research note on Wednesday, March 5th. Wells Fargo & Company lowered 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 note on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a "sell" rating to a "hold" rating and raised their target price for the company from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Royal Bank of Canada reduced their price target on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a report on Wednesday, February 26th. Seven equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $337.38.

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.