Public Storage (NYSE:PSA) Shares Bought by Nomura Asset Management Co. Ltd.

Nomura Asset Management Co. Ltd. raised its stake in shares of Public Storage (NYSE:PSA) by 4.2% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 255,039 shares of the real estate investment trust’s stock after acquiring an additional 10,168 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Public Storage were worth $76,369,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of PSA. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Public Storage by 5.0% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust’s stock valued at $16,089,000 after acquiring an additional 2,566 shares during the period. Capital Investment Advisors LLC boosted its holdings in Public Storage by 25.4% during the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock worth $8,566,000 after buying an additional 5,793 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Public Storage by 30.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust’s stock valued at $40,926,000 after buying an additional 31,662 shares during the period. Meridian Wealth Management LLC purchased a new position in Public Storage in the fourth quarter valued at $395,000. Finally, Aew Capital Management L P raised its position in shares of Public Storage by 108.6% in the fourth quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock worth $131,574,000 after acquiring an additional 228,740 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

NYSE:PSA opened at $292.21 on Friday. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The company has a market cap of $51.26 billion, a P/E ratio of 30.34, a P/E/G ratio of 4.91 and a beta of 0.73. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The company’s 50-day moving average price is $299.95 and its 200-day moving average price is $320.70.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.11%. The ex-dividend date is Thursday, March 13th. Public Storage’s dividend payout ratio is currently 112.89%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Royal Bank of Canada dropped their target price on 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. Barclays reissued an “overweight” rating and issued a $354.00 price objective (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and upped their target price for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Wells Fargo & Company dropped their price target 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. Finally, Truist Financial reduced their price objective on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research report on Tuesday, March 18th. Seven equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus 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.