O Shaughnessy Asset Management LLC Acquires 7,589 Shares of Public Storage (NYSE:PSA)

O Shaughnessy Asset Management LLC increased its holdings in shares of Public Storage (NYSE:PSA) by 39.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,000 shares of the real estate investment trust’s stock after purchasing an additional 7,589 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in Public Storage were worth $8,085,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. State Street Corp grew its holdings in Public Storage by 0.5% during the 3rd quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock valued at $3,773,571,000 after buying an additional 55,123 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Public Storage by 1.4% during the third quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust’s stock worth $1,425,941,000 after acquiring an additional 52,807 shares during the last quarter. Norges Bank bought a new position in shares of Public Storage during the fourth quarter worth $931,286,000. Bank of New York Mellon Corp grew its stake in Public Storage by 2.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust’s stock valued at $328,677,000 after acquiring an additional 21,165 shares in the last quarter. Finally, Amundi increased its holdings in Public Storage by 54.0% in the 4th quarter. Amundi now owns 779,882 shares of the real estate investment trust’s stock valued at $230,426,000 after acquiring an additional 273,486 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

NYSE:PSA opened at $299.02 on Wednesday. The firm has a market capitalization of $52.45 billion, a PE ratio of 31.05, a PEG ratio of 4.91 and a beta of 0.73. The stock’s fifty day moving average is $300.01 and its 200 day moving average is $318.91. Public Storage has a fifty-two week low of $256.31 and a fifty-two week 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.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.01%. The ex-dividend date was Thursday, March 13th. Public Storage’s dividend payout ratio is currently 112.89%.

Wall Street Analysts Forecast Growth

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

About Public Storage

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.