Public Storage (NYSE:PSA) Stake Raised by Whittier Trust Co.

Whittier Trust Co. grew its position in shares of Public Storage (NYSE:PSA - Free Report) by 61.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,021 shares of the real estate investment trust's stock after purchasing an additional 1,153 shares during the quarter. Whittier Trust Co.'s holdings in Public Storage were worth $905,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Public Storage by 37.1% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 84,964 shares of the real estate investment trust's stock valued at $25,442,000 after acquiring an additional 23,005 shares during the period. iA Global Asset Management Inc. grew its position in shares of Public Storage by 33.8% in the fourth quarter. iA Global Asset Management Inc. now owns 5,552 shares of the real estate investment trust's stock valued at $1,662,000 after purchasing an additional 1,402 shares during the period. Magnetar Financial LLC acquired a new stake in shares of Public Storage in the fourth quarter valued at about $1,454,000. Teacher Retirement System of Texas increased its stake in shares of Public Storage by 45.6% during the fourth quarter. Teacher Retirement System of Texas now owns 101,404 shares of the real estate investment trust's stock worth $30,364,000 after purchasing an additional 31,759 shares in the last quarter. Finally, Generali Investments Management Co LLC acquired a new position in shares of Public Storage during the 4th quarter worth about $3,246,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

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Public Storage Trading Up 0.2 %

Shares of PSA stock traded up $0.67 on Thursday, reaching $292.21. 550,335 shares of the stock were exchanged, compared to its average volume of 679,599. The firm has a 50 day moving average of $300.06 and a two-hundred day moving average of $320.89. The stock has a market cap of $51.26 billion, a P/E ratio of 30.34, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. 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 has a 1-year low of $256.31 and a 1-year high of $369.99.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be given a $3.00 dividend. The ex-dividend date is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.11%. Public Storage's payout ratio is currently 112.89%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PSA shares. Royal Bank of Canada cut their price objective on Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a research note on Wednesday, February 26th. 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 note on Friday, January 10th. Barclays reaffirmed an "overweight" rating and set a $354.00 target price (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Truist Financial reduced their target price on shares of Public Storage from $316.00 to $310.00 and set a "hold" rating for the company in a research report on Tuesday, March 18th. Finally, Wells Fargo & Company dropped their price objective on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Seven equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Public Storage presently has an average rating of "Moderate Buy" and an average target price of $338.00.

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.