Public Storage (NYSE:PSA) Shares Sold by Northwest & Ethical Investments L.P.

Northwest & Ethical Investments L.P. lowered its stake in shares of Public Storage (NYSE:PSA) by 22.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,993 shares of the real estate investment trust’s stock after selling 8,555 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in Public Storage were worth $8,981,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Public Storage by 37.1% during 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 purchasing an additional 23,005 shares during the period. iA Global Asset Management Inc. raised its stake in Public Storage by 33.8% during the 4th 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 acquiring an additional 1,402 shares in the last quarter. Magnetar Financial LLC bought a new stake in Public Storage during the 4th quarter valued at $1,454,000. Teacher Retirement System of Texas raised its stake in Public Storage by 45.6% during the 4th quarter. Teacher Retirement System of Texas now owns 101,404 shares of the real estate investment trust’s stock valued at $30,364,000 after acquiring an additional 31,759 shares in the last quarter. Finally, Generali Investments Management Co LLC bought a new stake in Public Storage during the 4th quarter valued at $3,246,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Up 0.2 %

Shares of Public Storage stock opened at $296.12 on Friday. The stock’s fifty day moving average is $299.91 and its 200-day moving average is $322.48. The firm has a market capitalization of $51.94 billion, a PE ratio of 30.75, 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 12-month low of $256.31 and a 12-month high of $369.99.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date is Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

Analysts Set New Price Targets

Several analysts have weighed in on PSA shares. Truist Financial cut their target price on Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research note on Tuesday. Scotiabank cut their target price on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Wells Fargo & Company dropped their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Barclays reissued an “overweight” rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Finally, Royal Bank of Canada dropped their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and an average price target of $338.00.

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.