87,650 Shares in Public Storage (NYSE:PSA) Acquired by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. acquired a new stake in Public Storage (NYSE:PSA) during the fourth quarter, HoldingsChannel reports. The fund acquired 87,650 shares of the real estate investment trust’s stock, valued at approximately $26,161,000.

Other institutional investors have also recently bought and sold shares of the company. Doliver Advisors LP boosted its position in shares of Public Storage by 2.6% in the 4th quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust’s stock worth $433,000 after purchasing an additional 36 shares during the last quarter. Brooklyn Investment Group boosted its holdings in Public Storage by 3.4% during the fourth quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust’s stock worth $345,000 after buying an additional 38 shares during the last quarter. Werba Rubin Papier Wealth Management grew its position in shares of Public Storage by 1.7% during the 4th quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust’s stock worth $681,000 after buying an additional 38 shares during the period. Continuum Advisory LLC increased its stake in shares of Public Storage by 7.6% in the 3rd quarter. Continuum Advisory LLC now owns 549 shares of the real estate investment trust’s stock valued at $182,000 after acquiring an additional 39 shares during the last quarter. Finally, TD Private Client Wealth LLC raised its position in shares of Public Storage by 2.4% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,695 shares of the real estate investment trust’s stock valued at $617,000 after acquiring an additional 39 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of PSA opened at $284.00 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The stock has a market capitalization of $49.82 billion, a P/E ratio of 29.49, a P/E/G ratio of 4.91 and a beta of 0.73. The company has a 50 day moving average of $300.05 and a 200-day moving average of $317.76.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a $3.00 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.23%. Public Storage’s payout ratio is currently 112.89%.

Analyst Ratings Changes

Several equities research analysts have commented on PSA shares. Barclays reaffirmed an “overweight” rating and issued a $354.00 target price (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Truist Financial lowered 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. Royal Bank of Canada reduced their target price 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. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and increased their price target for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Scotiabank cut their price objective on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 5th. Seven 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $338.73.

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.