US Bancorp DE Acquires 96 Shares of Public Storage (NYSE:PSA)

US Bancorp DE raised its holdings in Public Storage (NYSE:PSA) by 0.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 49,176 shares of the real estate investment trust’s stock after purchasing an additional 96 shares during the period. US Bancorp DE’s holdings in Public Storage were worth $14,725,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. State Street Corp increased its holdings in Public Storage by 0.5% in the 3rd quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock valued at $3,773,571,000 after buying an additional 55,123 shares during the period. FMR LLC increased its holdings in Public Storage by 20.9% in the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after buying an additional 869,066 shares during the period. Geode Capital Management LLC increased its holdings in Public Storage by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust’s stock valued at $1,425,941,000 after buying an additional 52,807 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Public Storage by 2.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust’s stock valued at $1,023,080,000 after buying an additional 54,992 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Public Storage by 732.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock valued at $561,763,000 after buying an additional 1,358,493 shares during the period. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 2.4 %

Shares of PSA opened at $310.86 on Tuesday. 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 12-month low of $256.31 and a 12-month high of $369.99. The firm has a market capitalization of $54.53 billion, a PE ratio of 32.28, a price-to-earnings-growth ratio of 4.91 and a beta of 0.74. The stock’s fifty day simple moving average is $298.53 and its 200-day simple moving average is $325.14.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.86%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of the company’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 $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 11.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PSA. Truist Financial upped 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. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and upped their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Wells Fargo & Company lowered 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. Barclays lowered their target price on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Finally, 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 report on Wednesday, February 26th. Seven equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $340.69.

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.