JPMorgan Chase & Co. Cuts Position in Public Storage (NYSE:PSA)

JPMorgan Chase & Co. trimmed its stake in Public Storage (NYSE:PSA) by 30.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,092,461 shares of the real estate investment trust’s stock after selling 1,347,886 shares during the period. JPMorgan Chase & Co. owned 1.77% of Public Storage worth $926,007,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in PSA. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Public Storage by 5.0% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust’s stock worth $16,089,000 after purchasing an additional 2,566 shares in the last quarter. Capital Investment Advisors LLC grew its stake in Public Storage by 25.4% during the 4th quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock worth $8,566,000 after buying an additional 5,793 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Public Storage by 30.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust’s stock valued at $40,926,000 after buying an additional 31,662 shares in the last quarter. Meridian Wealth Management LLC purchased a new stake in Public Storage in the fourth quarter valued at about $395,000. Finally, Aew Capital Management L P raised its stake in Public Storage by 108.6% in the fourth quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock valued at $131,574,000 after buying an additional 228,740 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of PSA opened at $294.25 on Friday. The company has a market capitalization of $51.62 billion, a P/E ratio of 30.56, a P/E/G ratio of 4.91 and a beta of 0.73. The business’s 50-day moving average is $299.91 and its two-hundred day moving average is $320.30. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.08%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s dividend payout ratio is currently 112.89%.

Analysts Set New Price Targets

PSA has been the topic of several recent analyst reports. Barclays restated an “overweight” rating and set a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. 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. Royal Bank of Canada decreased their price target on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Truist Financial dropped their price objective on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a report on Tuesday, March 18th. Finally, Deutsche Bank Aktiengesellschaft upgraded 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 research note on Friday, January 10th. Seven research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $338.73.

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.