Vanguard Group Inc. Has $6.17 Billion Stake in Public Storage (NYSE:PSA)

Vanguard Group Inc. decreased its position in Public Storage (NYSE:PSA) by 0.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 20,592,321 shares of the real estate investment trust’s stock after selling 60,365 shares during the period. Vanguard Group Inc. owned about 11.76% of Public Storage worth $6,166,165,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp boosted its stake 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 worth $3,773,571,000 after purchasing an additional 55,123 shares during the period. FMR LLC boosted its stake 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 worth $1,828,763,000 after purchasing an additional 869,066 shares during the period. Geode Capital Management LLC boosted its stake 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 worth $1,425,941,000 after purchasing an additional 52,807 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake 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 worth $561,763,000 after purchasing an additional 1,358,493 shares during the period. Finally, Adelante Capital Management LLC boosted its stake in shares of Public Storage by 389.9% during the 3rd quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock valued at $532,465,000 after buying an additional 1,164,630 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of PSA opened at $291.19 on Monday. The company has a market capitalization of $51.08 billion, a PE ratio of 30.24, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. Public Storage has a one year low of $256.31 and a one year high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company’s fifty day moving average price is $299.96 and its 200 day moving average price is $321.83.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be issued a $3.00 dividend. The ex-dividend date is Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.12%. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PSA shares. Royal Bank of Canada decreased their target price on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 26th. Scotiabank decreased their target price on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 5th. Barclays reissued 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. Truist Financial decreased their target price 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, Wells Fargo & Company decreased their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Seven analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $338.00.

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.