Public Storage (NYSE:PSA) Shares Purchased by Corebridge Financial Inc.

Corebridge Financial Inc. boosted its holdings in shares of Public Storage (NYSE:PSA) by 1.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,790 shares of the real estate investment trust’s stock after acquiring an additional 478 shares during the period. Corebridge Financial Inc.’s holdings in Public Storage were worth $12,813,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Stevens Capital Management LP acquired a new stake in shares of Public Storage in the fourth quarter valued at approximately $938,000. LPL Financial LLC grew its holdings in Public Storage by 20.9% in the 4th quarter. LPL Financial LLC now owns 88,354 shares of the real estate investment trust’s stock valued at $26,457,000 after buying an additional 15,283 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Public Storage in the 4th quarter worth $18,420,000. Umpqua Bank increased its stake in shares of Public Storage by 4.4% in the 4th quarter. Umpqua Bank now owns 5,083 shares of the real estate investment trust’s stock worth $1,474,000 after acquiring an additional 214 shares during the last quarter. Finally, Sei Investments Co. raised its holdings in shares of Public Storage by 25.6% during the 4th quarter. Sei Investments Co. now owns 424,994 shares of the real estate investment trust’s stock worth $127,261,000 after acquiring an additional 86,628 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Down 2.0 %

Shares of PSA opened at $288.97 on Wednesday. The company’s 50-day simple moving average is $300.04 and its 200-day simple moving average is $321.10. 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 1 year low of $256.31 and a 1 year high of $369.99. The stock has a market capitalization of $50.69 billion, a PE ratio of 30.01, a P/E/G ratio of 4.91 and a beta of 0.73.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be given a $3.00 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.15%. Public Storage’s dividend payout ratio is presently 112.89%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Royal Bank of Canada cut their price objective on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Wells Fargo & Company cut their price target 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 upped their price objective for the company from $298.00 to $299.00 in a report on Friday, January 10th. Barclays restated an “overweight” rating and issued a $354.00 target price (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Finally, Truist Financial lowered their price target on Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a report on Tuesday, March 18th. Seven research analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Public Storage currently has an average rating of “Moderate Buy” and an average price target of $338.00.

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.