Allstate Corp Sells 13,741 Shares of Public Storage (NYSE:PSA)

Allstate Corp reduced its stake in Public Storage (NYSE:PSA) by 51.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,188 shares of the real estate investment trust’s stock after selling 13,741 shares during the period. Allstate Corp’s holdings in Public Storage were worth $3,949,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of PSA. Kingsview Wealth Management LLC acquired a new position in Public Storage during the third quarter worth $381,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Public Storage in the 3rd quarter worth about $378,000. Independent Advisor Alliance increased its position in shares of Public Storage by 49.1% during the 3rd quarter. Independent Advisor Alliance now owns 1,258 shares of the real estate investment trust’s stock worth $458,000 after purchasing an additional 414 shares in the last quarter. Loomis Sayles & Co. L P lifted its holdings in Public Storage by 3,133.3% during the 3rd quarter. Loomis Sayles & Co. L P now owns 291 shares of the real estate investment trust’s stock valued at $106,000 after purchasing an additional 282 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Public Storage by 2.6% in the third quarter. The Manufacturers Life Insurance Company now owns 112,018 shares of the real estate investment trust’s stock valued at $40,760,000 after buying an additional 2,860 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Up 0.8 %

Shares of NYSE PSA opened at $294.25 on Friday. 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 firm has a market capitalization of $51.62 billion, a PE ratio of 30.56, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. The firm’s 50-day moving average is $299.91 and its 200-day moving average is $320.30. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date was Thursday, March 13th. Public Storage’s dividend payout ratio is presently 112.89%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on PSA shares. Wells Fargo & Company dropped their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and lifted their price objective for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Truist Financial decreased their target price on Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a report on Tuesday, March 18th. Scotiabank cut their price target on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a report on Wednesday, March 5th. Finally, Royal Bank of Canada decreased their price objective on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus 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.