Geode Capital Management LLC Buys 78,472 Shares of Public Storage (NYSE:PSA)

Geode Capital Management LLC boosted its position in Public Storage (NYSE:PSA) by 2.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,010,044 shares of the real estate investment trust’s stock after purchasing an additional 78,472 shares during the quarter. Geode Capital Management LLC owned approximately 2.29% of Public Storage worth $1,197,769,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PSA. Quent Capital LLC raised its stake in shares of Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 50 shares in the last quarter. Synergy Asset Management LLC purchased a new position in Public Storage in the fourth quarter worth $38,000. Millstone Evans Group LLC acquired a new position in shares of Public Storage during the fourth quarter worth $38,000. Toth Financial Advisory Corp lifted its holdings in shares of 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 valued at $61,000 after purchasing an additional 66 shares during the last quarter. Finally, Parkworth Wealth Management Inc. purchased a new position in Public Storage during the 4th quarter worth $67,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Down 0.1 %

Shares of PSA opened at $299.02 on Wednesday. The company has a market capitalization of $52.45 billion, a price-to-earnings ratio of 31.05, a PEG ratio of 4.91 and a beta of 0.73. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The stock’s 50-day moving average price is $300.01 and its 200-day moving average price is $318.91. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were given a $3.00 dividend. The ex-dividend date was Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.01%. Public Storage’s dividend payout ratio is presently 112.89%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Scotiabank decreased 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. Royal Bank of Canada decreased their price objective on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. 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 report on Wednesday, March 12th. Truist Financial lowered 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, Deutsche Bank Aktiengesellschaft raised 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 research report on Friday, January 10th. Seven analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.