Zurcher Kantonalbank Zurich Cantonalbank Increases Holdings in Public Storage (NYSE:PSA)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Public Storage (NYSE:PSA - Free Report) by 30.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 136,676 shares of the real estate investment trust's stock after acquiring an additional 31,662 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.08% of Public Storage worth $40,926,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. State Street Corp boosted its position in Public Storage by 0.5% during the third quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust's stock worth $3,773,571,000 after purchasing an additional 55,123 shares in the last quarter. FMR LLC boosted its position in Public Storage by 20.9% during the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust's stock worth $1,828,763,000 after purchasing an additional 869,066 shares in the last quarter. Geode Capital Management LLC boosted its position in Public Storage by 1.4% during the third quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust's stock worth $1,425,941,000 after purchasing an additional 52,807 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Public Storage by 2.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust's stock valued at $1,023,080,000 after acquiring an additional 54,992 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Public Storage by 732.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust's stock valued at $561,763,000 after acquiring an additional 1,358,493 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PSA shares. Royal Bank of Canada decreased their target price on Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a research report on Wednesday, February 26th. 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 report on Wednesday, March 5th. Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and increased their price target for the company from $298.00 to $299.00 in a report on Friday, January 10th. Truist Financial increased their price target on Public Storage from $306.00 to $340.00 and gave the company a "hold" rating in a report on Thursday, December 5th. Finally, Barclays reissued 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. Seven analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $339.69.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of the business's stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the transaction, the insider now owns 2,364 shares in the company, valued at $751,728.36. The trade was a 15.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 11.10% of the company's stock.

Public Storage Stock Down 1.5 %

NYSE PSA traded down $4.73 during trading on Wednesday, reaching $303.48. 267,419 shares of the company's stock were exchanged, compared to its average volume of 713,273. The stock has a market cap of $53.24 billion, a P/E ratio of 31.47, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. 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 company has a 50 day moving average price of $299.84 and a two-hundred day moving average price of $324.37. 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 announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.95%. The ex-dividend date is Thursday, March 13th. Public Storage's payout ratio is currently 112.89%.

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.