Public Storage (NYSE:PSA) Stake Boosted by Russell Investments Group Ltd.

Russell Investments Group Ltd. raised its holdings in shares of Public Storage (NYSE:PSA) by 25.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 999,426 shares of the real estate investment trust’s stock after purchasing an additional 202,944 shares during the period. Russell Investments Group Ltd. owned about 0.57% of Public Storage worth $299,006,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Doliver Advisors LP boosted its stake in Public Storage by 2.6% in the fourth quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust’s stock valued at $433,000 after acquiring an additional 36 shares during the period. Brooklyn Investment Group grew its stake in Public Storage by 3.4% during the 4th quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust’s stock worth $345,000 after buying an additional 38 shares during the last quarter. Werba Rubin Papier Wealth Management increased its position in Public Storage by 1.7% in the fourth quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust’s stock worth $681,000 after buying an additional 38 shares during the period. Continuum Advisory LLC lifted its stake in Public Storage by 7.6% in the third quarter. Continuum Advisory LLC now owns 549 shares of the real estate investment trust’s stock valued at $182,000 after buying an additional 39 shares during the last quarter. Finally, TD Private Client Wealth LLC boosted its holdings in shares of Public Storage by 2.4% during the third quarter. TD Private Client Wealth LLC now owns 1,695 shares of the real estate investment trust’s stock valued at $617,000 after acquiring an additional 39 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and raised their target price for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Scotiabank reduced their price target 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. Wells Fargo & Company dropped 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. Barclays reaffirmed an “overweight” rating and set a $354.00 price target (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Finally, Royal Bank of Canada lowered their price target 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 given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $338.73.

Public Storage Trading Down 3.6 %

Shares of PSA opened at $284.00 on Friday. The business’s 50-day moving average price is $300.05 and its 200 day moving average price is $318.04. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a market capitalization of $49.82 billion, a P/E ratio of 29.49, a P/E/G ratio of 4.91 and a beta of 0.73. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date was Thursday, March 13th. Public Storage’s dividend payout ratio is 112.89%.

Public Storage 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.