Public Storage (NYSE:PSA) Holdings Raised by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp increased its stake in Public Storage (NYSE:PSA) by 2.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 90,561 shares of the real estate investment trust’s stock after purchasing an additional 2,015 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned about 0.05% of Public Storage worth $27,118,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PSA. Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of Public Storage by 3.8% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,076 shares of the real estate investment trust’s stock valued at $1,221,000 after acquiring an additional 149 shares during the period. Prestige Wealth Management Group LLC boosted its stake in Public Storage by 9.3% during the 4th quarter. Prestige Wealth Management Group LLC now owns 2,256 shares of the real estate investment trust’s stock valued at $676,000 after purchasing an additional 192 shares in the last quarter. Modern Wealth Management LLC increased its position in shares of Public Storage by 81.1% during the 4th quarter. Modern Wealth Management LLC now owns 1,349 shares of the real estate investment trust’s stock valued at $409,000 after purchasing an additional 604 shares during the period. Prudential Financial Inc. raised its stake in shares of Public Storage by 5.6% in the 4th quarter. Prudential Financial Inc. now owns 613,484 shares of the real estate investment trust’s stock worth $183,702,000 after buying an additional 32,623 shares in the last quarter. Finally, ICW Investment Advisors LLC lifted its holdings in shares of Public Storage by 3.1% in the fourth quarter. ICW Investment Advisors LLC now owns 3,862 shares of the real estate investment trust’s stock valued at $1,156,000 after buying an additional 117 shares during the period. Institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PSA. Royal Bank of Canada lowered 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. Wells Fargo & Company dropped their target price 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. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and raised their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Scotiabank dropped their price target 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. Finally, Truist Financial reduced their price objective on Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research note on Tuesday, March 18th. Seven equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $338.00.

Public Storage Stock Performance

Shares of Public Storage stock opened at $291.41 on Thursday. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a market cap of $51.12 billion, a PE ratio of 30.26, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. The business has a fifty day simple moving average of $300.06 and a 200-day simple moving average of $320.89.

Public Storage Dividend Announcement

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 given a dividend of $3.00 per share. 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 presently 112.89%.

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.