DnB Asset Management AS Has $8.67 Million Stake in Public Storage (NYSE:PSA)

DnB Asset Management AS grew its holdings in Public Storage (NYSE:PSA) by 4.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 28,942 shares of the real estate investment trust’s stock after acquiring an additional 1,186 shares during the period. DnB Asset Management AS’s holdings in Public Storage were worth $8,666,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in PSA. State Street Corp lifted its position in Public Storage by 0.5% during the 3rd quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock worth $3,773,571,000 after buying an additional 55,123 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Public Storage by 1.4% in the third quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust’s stock worth $1,425,941,000 after acquiring an additional 52,807 shares during the last quarter. Norges Bank acquired a new position in shares of Public Storage during the fourth quarter worth approximately $931,286,000. Adelante Capital Management LLC grew its stake in shares of Public Storage by 389.9% during the third quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock valued at $532,465,000 after purchasing an additional 1,164,630 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Public Storage by 2.0% in the fourth quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust’s stock valued at $328,677,000 after purchasing an additional 21,165 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PSA. Truist Financial reduced their price objective 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 on the stock in a research note on Wednesday, March 5th. Wells Fargo & Company lowered their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Royal Bank of Canada cut 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 report on Wednesday, February 26th. Finally, Barclays reiterated an “overweight” rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Seven research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $338.73.

Public Storage Stock Performance

Shares of NYSE:PSA opened at $294.25 on Friday. The firm’s 50 day simple moving average is $299.91 and its 200 day simple moving average is $320.03. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The company has a market capitalization of $51.62 billion, a price-to-earnings ratio of 30.56, a P/E/G ratio of 4.91 and a beta of 0.73. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97.

Public Storage Announces Dividend

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

About Public Storage

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.