Magnetar Financial LLC Makes New Investment in Public Storage (NYSE:PSA)

Magnetar Financial LLC acquired a new position in Public Storage (NYSE:PSA) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 4,857 shares of the real estate investment trust’s stock, valued at approximately $1,454,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Teacher Retirement System of Texas boosted its position in Public Storage by 45.6% in the fourth quarter. Teacher Retirement System of Texas now owns 101,404 shares of the real estate investment trust’s stock worth $30,364,000 after purchasing an additional 31,759 shares during the last quarter. Generali Investments Management Co LLC purchased a new position in Public Storage in the fourth quarter worth $3,246,000. Vinva Investment Management Ltd boosted its position in Public Storage by 10.1% in the fourth quarter. Vinva Investment Management Ltd now owns 8,002 shares of the real estate investment trust’s stock worth $2,367,000 after purchasing an additional 736 shares during the last quarter. Xponance Inc. raised its stake in shares of Public Storage by 3.0% in the fourth quarter. Xponance Inc. now owns 25,105 shares of the real estate investment trust’s stock valued at $7,517,000 after buying an additional 729 shares during the period. Finally, Generali Asset Management SPA SGR bought a new stake in shares of Public Storage in the fourth quarter valued at $125,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on PSA shares. Wells Fargo & Company lowered their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and boosted their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Barclays restated an “overweight” rating and issued a $354.00 target price (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Scotiabank lowered their target price 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. Finally, Truist Financial lowered their target price on Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research note on Tuesday. Seven research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $338.00.

Public Storage Stock Performance

NYSE:PSA opened at $296.12 on Friday. 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 has a 52-week low of $256.31 and a 52-week high of $369.99. The firm has a market cap of $51.94 billion, a price-to-earnings ratio of 30.75, a PEG ratio of 4.91 and a beta of 0.73. The business’s fifty day moving average is $299.91 and its 200 day moving average is $322.48.

Public Storage Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a yield of 4.05%. Public Storage’s dividend payout ratio is currently 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.