Public Storage (NYSE:PSA) Shares Sold by Swiss National Bank

Swiss National Bank cut its stake in Public Storage (NYSE:PSA) by 5.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 444,900 shares of the real estate investment trust’s stock after selling 24,500 shares during the period. Swiss National Bank owned 0.25% of Public Storage worth $133,221,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of PSA. Parkworth Wealth Management Inc. acquired a new stake in shares of Public Storage during the fourth quarter worth $67,000. EverSource Wealth Advisors LLC raised its stake in Public Storage by 399.5% in the 4th quarter. EverSource Wealth Advisors LLC now owns 914 shares of the real estate investment trust’s stock worth $274,000 after acquiring an additional 731 shares during the last quarter. Sequoia Financial Advisors LLC lifted its position in Public Storage by 25.3% during the 4th quarter. Sequoia Financial Advisors LLC now owns 8,472 shares of the real estate investment trust’s stock worth $2,537,000 after acquiring an additional 1,710 shares during the period. HighTower Advisors LLC grew its stake in Public Storage by 1.6% during the 4th quarter. HighTower Advisors LLC now owns 355,175 shares of the real estate investment trust’s stock valued at $106,354,000 after purchasing an additional 5,512 shares during the last quarter. Finally, GC Wealth Management RIA LLC increased its holdings in shares of Public Storage by 2.1% in the fourth quarter. GC Wealth Management RIA LLC now owns 24,274 shares of the real estate investment trust’s stock valued at $7,269,000 after purchasing an additional 499 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Down 3.6 %

PSA stock opened at $292.66 on Friday. Public Storage has a one year low of $256.31 and a one year high of $369.99. The firm has a market cap of $51.34 billion, a PE ratio of 30.39, a PEG ratio of 4.91 and a beta of 0.73. The firm’s 50 day moving average price is $299.84 and its 200-day moving average price is $324.01. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.10%. The ex-dividend date is Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

Analysts Set New Price Targets

PSA has been the topic of a number of recent research reports. Royal Bank of Canada dropped 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. Barclays reaffirmed an “overweight” rating and issued a $354.00 price objective (down from $361.00) on shares of Public Storage in a report on Wednesday. Deutsche Bank Aktiengesellschaft upgraded 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. Wells Fargo & Company decreased their target price 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. Finally, Scotiabank cut their price target 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 analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $339.69.

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.