Norges Bank Takes $931.29 Million Position in Public Storage (NYSE:PSA)

Norges Bank purchased a new position in Public Storage (NYSE:PSA) during the 4th quarter, HoldingsChannel reports. The fund purchased 3,110,093 shares of the real estate investment trust’s stock, valued at approximately $931,286,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PSA. Quent Capital LLC lifted its stake in Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 50 shares in the last quarter. Synergy Asset Management LLC acquired a new position in Public Storage during the fourth quarter worth $38,000. Millstone Evans Group LLC purchased a new stake in Public Storage in the 4th quarter valued at $38,000. Toth Financial Advisory Corp increased its stake in shares of Public Storage by 48.2% in the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after acquiring an additional 66 shares during the last quarter. Finally, McIlrath & Eck LLC boosted its position in shares of Public Storage by 24.6% during the 3rd quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust’s stock valued at $79,000 after acquiring an additional 43 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on PSA. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and raised their price objective for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Scotiabank reduced their price target on shares of 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. Barclays reiterated an “overweight” rating and issued a $354.00 price objective (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Royal Bank of Canada reduced 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. Finally, Wells Fargo & Company lowered their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Seven investment analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $338.00.

Public Storage Trading Up 0.2 %

NYSE PSA opened at $292.21 on Friday. Public Storage has a one year low of $256.31 and a one year high of $369.99. The firm has a 50 day simple moving average of $299.95 and a 200-day simple moving average of $320.70. The firm has a market cap of $51.26 billion, a price-to-earnings ratio of 30.34, a PEG ratio of 4.91 and a beta of 0.73. 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. Shareholders of record on Thursday, March 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.11%. Public Storage’s dividend payout ratio (DPR) is 112.89%.

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.