Public Storage (NYSE:PSA) Holdings Decreased by Northwest & Ethical Investments L.P.

Northwest & Ethical Investments L.P. decreased its holdings in shares of Public Storage (NYSE:PSA) by 22.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,993 shares of the real estate investment trust’s stock after selling 8,555 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in Public Storage were worth $8,981,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Public Storage by 37.1% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 84,964 shares of the real estate investment trust’s stock valued at $25,442,000 after buying an additional 23,005 shares in the last quarter. iA Global Asset Management Inc. grew its stake in Public Storage by 33.8% in the fourth quarter. iA Global Asset Management Inc. now owns 5,552 shares of the real estate investment trust’s stock valued at $1,662,000 after purchasing an additional 1,402 shares in the last quarter. Magnetar Financial LLC purchased a new position in Public Storage in the fourth quarter valued at about $1,454,000. Teacher Retirement System of Texas grew its stake 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 valued at $30,364,000 after purchasing an additional 31,759 shares in the last quarter. Finally, Generali Investments Management Co LLC purchased a new position in Public Storage in the fourth quarter valued at about $3,246,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

NYSE PSA opened at $296.12 on Friday. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $51.94 billion, a PE ratio of 30.75, a P/E/G ratio of 4.91 and a beta of 0.73. The stock has a 50-day simple moving average of $299.91 and a 200 day simple moving average of $322.48.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be given a dividend of $3.00 per share. The ex-dividend date is Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.05%. Public Storage’s dividend payout ratio is presently 112.89%.

Analyst Ratings Changes

A number of research analysts have commented on the company. 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. 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. Royal Bank of Canada lowered their target price on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. Wells Fargo & Company reduced their price target 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. Finally, Barclays reaffirmed an “overweight” rating and issued a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Seven equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $338.00.

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.