Public Storage (NYSE:PSA) Stake Trimmed by Clearbridge Investments LLC

Clearbridge Investments LLC cut its position in shares of Public Storage (NYSE:PSA) by 9.7% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 654,078 shares of the real estate investment trust’s stock after selling 70,341 shares during the period. Clearbridge Investments LLC’s holdings in Public Storage were worth $195,857,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PSA. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Public Storage in the 3rd quarter valued at approximately $378,000. Townsquare Capital LLC raised its stake in Public Storage by 42.6% during the 3rd quarter. Townsquare Capital LLC now owns 3,981 shares of the real estate investment trust’s stock valued at $1,449,000 after purchasing an additional 1,189 shares during the period. CreativeOne Wealth LLC purchased a new stake in shares of Public Storage in the third quarter valued at $248,000. Financial Counselors Inc. acquired a new stake in shares of Public Storage in the third quarter worth $950,000. Finally, Walleye Capital LLC purchased a new position in shares of Public Storage during the third quarter valued at $262,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Scotiabank reduced their price objective on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 5th. Truist Financial decreased their price target on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a report on Tuesday, March 18th. Wells Fargo & Company dropped their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Royal Bank of Canada decreased their target price on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 26th. Finally, Barclays restated an “overweight” rating and set a $354.00 price target (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Seven analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $338.73.

Public Storage Trading Up 0.8 %

Public Storage stock opened at $294.25 on Monday. Public Storage has a one year low of $256.31 and a one year high of $369.99. The company’s fifty day moving average price is $299.91 and its two-hundred day moving average price is $319.75. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $51.62 billion, a price-to-earnings ratio of 30.56, a PEG ratio of 4.91 and a beta of 0.73.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders 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 dividend yield of 4.08%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s dividend payout ratio is 112.89%.

Public Storage Company 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.