Swiss National Bank Cuts Position in Public Storage (NYSE:PSA)

Swiss National Bank reduced its position in shares of Public Storage (NYSE:PSA) by 5.2% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 444,900 shares of the real estate investment trust’s stock after selling 24,500 shares during the period. Swiss National Bank’s holdings in Public Storage were worth $133,221,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Parkworth Wealth Management Inc. purchased a new stake in shares of Public Storage in the 4th quarter valued at $67,000. EverSource Wealth Advisors LLC increased its stake in Public Storage by 399.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 914 shares of the real estate investment trust’s stock worth $274,000 after purchasing an additional 731 shares during the period. Sequoia Financial Advisors LLC increased its stake in Public Storage by 25.3% during the fourth quarter. Sequoia Financial Advisors LLC now owns 8,472 shares of the real estate investment trust’s stock worth $2,537,000 after purchasing an additional 1,710 shares during the period. HighTower Advisors LLC lifted its position in shares of Public Storage by 1.6% during the fourth quarter. HighTower Advisors LLC now owns 355,175 shares of the real estate investment trust’s stock worth $106,354,000 after purchasing an additional 5,512 shares in the last quarter. Finally, GC Wealth Management RIA LLC boosted its stake in shares of Public Storage by 2.1% in the fourth quarter. GC Wealth Management RIA LLC now owns 24,274 shares of the real estate investment trust’s stock valued at $7,269,000 after purchasing an additional 499 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of research reports. Truist Financial increased their target price on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Wells Fargo & Company reduced their price objective 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. 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 note on Wednesday, March 5th. Royal Bank of Canada cut their price target on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Finally, Barclays reiterated an “overweight” rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research note on Wednesday. Seven equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $339.69.

Public Storage Stock Down 3.6 %

Public Storage stock opened at $292.66 on Friday. The stock has a 50-day simple moving average of $299.84 and a 200-day simple moving average of $324.01. The company has a market capitalization of $51.34 billion, a P/E ratio of 30.39, a PEG ratio of 4.91 and a beta of 0.73. 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 fifty-two week low of $256.31 and a fifty-two week high of $369.99.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.10%. The ex-dividend date is Thursday, March 13th. Public Storage’s 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.