Cbre Investment Management Listed Real Assets LLC Trims Holdings in Public Storage (NYSE:PSA)

Cbre Investment Management Listed Real Assets LLC trimmed its position in Public Storage (NYSE:PSA) by 32.4% in the 4th quarter, HoldingsChannel reports. The firm owned 263,549 shares of the real estate investment trust’s stock after selling 126,303 shares during the quarter. Public Storage makes up about 1.4% of Cbre Investment Management Listed Real Assets LLC’s portfolio, making the stock its 23rd largest position. Cbre Investment Management Listed Real Assets LLC’s holdings in Public Storage were worth $78,917,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Public Storage by 5.0% during 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 in the last quarter. Larson Financial Group LLC raised its position in Public Storage by 3,714.6% during the third quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust’s stock valued at $666,000 after acquiring an additional 1,783 shares in the last quarter. Capital Investment Advisors LLC raised its position 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 valued at $8,566,000 after acquiring an additional 5,793 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in Public Storage by 114.2% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust’s stock valued at $33,302,000 after acquiring an additional 48,803 shares in the last quarter. Finally, Swedbank AB raised its position in Public Storage by 31.9% during the third quarter. Swedbank AB now owns 154,167 shares of the real estate investment trust’s stock valued at $56,097,000 after acquiring an additional 37,285 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Barclays reduced their price target on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and boosted their price objective for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Wells Fargo & Company cut their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Truist Financial boosted their price objective on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Finally, Royal Bank of Canada cut their price objective on 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. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $340.69.

Public Storage Stock Performance

NYSE PSA opened at $305.82 on Wednesday. The stock’s fifty day moving average is $298.63 and its two-hundred day moving average is $325.04. The firm has a market capitalization of $53.65 billion, a P/E ratio of 31.76, a price-to-earnings-growth ratio of 4.91 and a beta of 0.74. 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 business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date is Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is currently 112.89%.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the transaction, the insider now owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 11.00% of the stock is currently owned by corporate insiders.

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.