Public Storage (NYSE:PSA) Shares Acquired by Corebridge Financial Inc.

Corebridge Financial Inc. increased its position in shares of Public Storage (NYSE:PSA) by 1.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 42,790 shares of the real estate investment trust’s stock after buying an additional 478 shares during the quarter. Corebridge Financial Inc.’s holdings in Public Storage were worth $12,813,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Quent Capital LLC increased its position in shares of Public Storage by 135.1% in the 4th 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. Synergy Asset Management LLC purchased a new position in Public Storage in the fourth quarter valued at $38,000. Millstone Evans Group LLC acquired a new stake in Public Storage in the fourth quarter valued at $38,000. Toth Financial Advisory Corp lifted its holdings in Public Storage by 48.2% during the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after buying an additional 66 shares during the last quarter. Finally, McIlrath & Eck LLC boosted its position in shares of Public Storage by 24.6% during the 3rd quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust’s stock worth $79,000 after acquiring an additional 43 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Barclays restated an “overweight” rating and set a $354.00 target price (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and upped their target price for the company from $298.00 to $299.00 in a report on Friday, January 10th. Scotiabank cut their price target on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Truist Financial decreased 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 note on Tuesday, March 18th. Finally, Royal Bank of Canada cut their target price on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. Seven 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $338.00.

Public Storage Stock Down 2.0 %

PSA opened at $288.97 on Wednesday. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The business has a 50 day moving average price of $300.04 and a two-hundred day moving average price of $321.10. 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 company has a market cap of $50.69 billion, a PE ratio of 30.01, a P/E/G ratio of 4.91 and a beta of 0.73.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.15%. The ex-dividend date is Thursday, March 13th. Public Storage’s dividend payout ratio is presently 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.