Prudential Financial Inc. Grows Stock Position in Public Storage (NYSE:PSA)

Prudential Financial Inc. increased its holdings in Public Storage (NYSE:PSA) by 5.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 613,484 shares of the real estate investment trust’s stock after buying an additional 32,623 shares during the quarter. Prudential Financial Inc. owned 0.35% of Public Storage worth $183,702,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Quent Capital LLC boosted its stake in shares of Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 50 shares during the last quarter. Synergy Asset Management LLC bought a new position in Public Storage in the 4th quarter worth $38,000. Millstone Evans Group LLC purchased a new position in Public Storage during the fourth quarter valued at $38,000. Toth Financial Advisory Corp grew its holdings in Public Storage by 48.2% during the fourth quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock valued at $61,000 after purchasing an additional 66 shares during the period. Finally, Parkworth Wealth Management Inc. purchased a new stake in Public Storage in the fourth quarter worth about $67,000. 78.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on PSA shares. Wells Fargo & Company lowered their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Royal Bank of Canada dropped their price target on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Truist Financial decreased their price objective on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research report on Tuesday, March 18th. Barclays reaffirmed an “overweight” rating and issued a $354.00 target price (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Finally, Scotiabank lowered their price objective on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research report on Wednesday, March 5th. Seven research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and a consensus target price of $338.00.

Public Storage Price Performance

Public Storage stock opened at $291.19 on Monday. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The company has a market cap of $51.08 billion, a price-to-earnings ratio of 30.24, a PEG ratio of 4.91 and a beta of 0.73. The firm’s fifty day moving average is $299.96 and its 200 day moving average is $321.83. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be given a $3.00 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.12%. Public Storage’s dividend payout ratio is currently 112.89%.

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.