Public Storage (NYSE:PSA) Shares Sold by Royal London Asset Management Ltd.

Royal London Asset Management Ltd. trimmed its position in Public Storage (NYSE:PSA) by 1.2% during the 4th quarter, Holdings Channel.com reports. The fund owned 65,369 shares of the real estate investment trust’s stock after selling 797 shares during the period. Royal London Asset Management Ltd.’s holdings in Public Storage were worth $19,574,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Quent Capital LLC boosted its holdings in Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 50 shares during the last quarter. Prospera Private Wealth LLC purchased a new stake in Public Storage in the third quarter valued at $34,000. Synergy Asset Management LLC purchased a new stake in Public Storage in the fourth quarter valued at $38,000. Toth Financial Advisory Corp boosted its holdings in Public Storage by 48.2% in the fourth quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock valued at $61,000 after purchasing an additional 66 shares during the last quarter. Finally, Parkworth Wealth Management Inc. purchased a new stake in Public Storage in the fourth quarter valued at $67,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on PSA. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and upped their price target for the company from $298.00 to $299.00 in a report on Friday, January 10th. Wells Fargo & Company lowered their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Royal Bank of Canada lowered their target price on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. Barclays reissued an “overweight” rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Finally, Truist Financial lowered their target price on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research note on Tuesday. Seven investment 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 company. Based on data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and a consensus target price of $338.00.

Public Storage Trading Down 1.8 %

Shares of Public Storage stock opened at $291.19 on Friday. The firm has a market capitalization of $51.08 billion, a PE ratio of 30.24, a P/E/G ratio of 4.91 and a beta of 0.73. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The firm’s 50-day moving average price is $299.96 and its 200 day moving average price is $322.12. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.12%. Public Storage’s payout ratio is 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.