Capital International Investors Lowers Stock Position in Public Storage (NYSE:PSA)

Capital International Investors lessened its stake in Public Storage (NYSE:PSA) by 43.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,184,434 shares of the real estate investment trust’s stock after selling 916,547 shares during the period. Capital International Investors owned approximately 0.68% of Public Storage worth $354,665,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Barclays PLC increased its stake in Public Storage by 2.9% in the third quarter. Barclays PLC now owns 465,653 shares of the real estate investment trust’s stock valued at $169,433,000 after acquiring an additional 13,065 shares during the last quarter. McIlrath & Eck LLC boosted its holdings in shares of Public Storage by 24.6% in the 3rd quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust’s stock worth $79,000 after purchasing an additional 43 shares in the last quarter. World Investment Advisors LLC bought a new position in shares of Public Storage during the 3rd quarter valued at about $3,713,000. Wilmington Savings Fund Society FSB bought a new position in shares of Public Storage during the 3rd quarter valued at about $1,466,000. Finally, Tidal Investments LLC raised its holdings in shares of Public Storage by 30.3% during the 3rd quarter. Tidal Investments LLC now owns 11,386 shares of the real estate investment trust’s stock valued at $4,143,000 after buying an additional 2,646 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 2.3 %

NYSE PSA opened at $295.75 on Friday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The stock has a market cap of $51.88 billion, a P/E ratio of 30.71, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. The stock has a 50 day simple moving average of $295.93 and a two-hundred day simple moving average of $311.89.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is currently 112.89%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Truist Financial upgraded shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target on the stock in a research report on Thursday, April 10th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and increased their target price for the company from $298.00 to $299.00 in a report on Friday, January 10th. Scotiabank raised shares of Public Storage from a “sector perform” rating to a “sector outperform” rating and lowered their price target for the stock from $333.00 to $305.00 in a research note on Wednesday, April 9th. Mizuho initiated coverage on shares of Public Storage in a research report on Wednesday, April 9th. They set a “neutral” rating and a $287.00 price target for the company. Finally, Barclays reiterated an “overweight” rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Six equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $332.08.

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.