Public Storage (NYSE:PSA) Shares Sold by Heartland Advisors Inc.

Heartland Advisors Inc. cut its position in shares of Public Storage (NYSE:PSA) by 4.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 88,896 shares of the real estate investment trust’s stock after selling 4,216 shares during the period. Public Storage accounts for 1.4% of Heartland Advisors Inc.’s portfolio, making the stock its 6th largest holding. Heartland Advisors Inc. owned 0.05% of Public Storage worth $26,619,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Kingsview Wealth Management LLC bought a new stake in Public Storage in the third quarter valued at approximately $381,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Public Storage during the 3rd quarter worth about $378,000. Independent Advisor Alliance lifted its position in Public Storage by 49.1% during the third quarter. Independent Advisor Alliance now owns 1,258 shares of the real estate investment trust’s stock worth $458,000 after acquiring an additional 414 shares during the last quarter. Loomis Sayles & Co. L P grew its holdings in Public Storage by 3,133.3% in the 3rd quarter. Loomis Sayles & Co. L P now owns 291 shares of the real estate investment trust’s stock valued at $106,000 after buying an additional 282 shares in the last quarter. Finally, Bank of Montreal Can increased its position in Public Storage by 2.4% during the third quarter. Bank of Montreal Can now owns 196,169 shares of the real estate investment trust’s stock worth $69,962,000 after acquiring an additional 4,583 shares during the period. 78.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Public Storage Stock Up 0.2 %

Public Storage stock opened at $292.21 on Friday. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a 50 day moving average price of $299.95 and a two-hundred day moving average price of $320.70. The firm has a market cap of $51.26 billion, a price-to-earnings ratio of 30.34, a PEG ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be issued a dividend of $3.00 per share. The ex-dividend date is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.11%. Public Storage’s payout ratio is currently 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.