KCM Investment Advisors LLC Decreases Holdings in Public Storage (NYSE:PSA)

KCM Investment Advisors LLC reduced its position in Public Storage (NYSE:PSA) by 69.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,433 shares of the real estate investment trust’s stock after selling 3,232 shares during the period. KCM Investment Advisors LLC’s holdings in Public Storage were worth $429,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of PSA. Geode Capital Management LLC increased its holdings in Public Storage by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust’s stock valued at $1,197,769,000 after buying an additional 78,472 shares during the last quarter. Norges Bank purchased a new stake in shares of Public Storage in the 4th quarter worth $931,286,000. Bank of New York Mellon Corp raised its holdings in Public Storage by 2.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust’s stock worth $328,677,000 after purchasing an additional 21,165 shares during the period. Amundi raised its holdings in Public Storage by 54.0% in the 4th quarter. Amundi now owns 779,882 shares of the real estate investment trust’s stock worth $230,426,000 after purchasing an additional 273,486 shares during the period. Finally, Prudential Financial Inc. lifted its position in Public Storage by 5.6% during the fourth quarter. Prudential Financial Inc. now owns 613,484 shares of the real estate investment trust’s stock valued at $183,702,000 after purchasing an additional 32,623 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Down 3.6 %

Shares of PSA stock opened at $284.00 on Monday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a market capitalization of $49.82 billion, a price-to-earnings ratio of 29.49, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The stock’s 50-day moving average price is $300.05 and its 200-day moving average price is $317.46.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.23%. Public Storage’s dividend payout ratio (DPR) is 112.89%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Truist Financial decreased their price objective on Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research note on Tuesday, March 18th. Royal Bank of Canada decreased their target price on shares of 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. Wells Fargo & Company dropped their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and increased their price objective for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Finally, Barclays restated 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. Seven research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $338.73.

Public Storage 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.