Norinchukin Bank The Boosts Stock Holdings in Public Storage (NYSE:PSA)

Norinchukin Bank The grew its stake in shares of Public Storage (NYSE:PSA) by 3.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 14,143 shares of the real estate investment trust’s stock after buying an additional 467 shares during the period. Norinchukin Bank The’s holdings in Public Storage were worth $4,235,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Doliver Advisors LP grew its position in Public Storage by 2.6% during 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 holdings in shares of 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 purchasing an additional 38 shares during the period. Werba Rubin Papier Wealth Management increased its position in Public Storage by 1.7% during the 4th quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust’s stock worth $681,000 after purchasing an additional 38 shares in the last quarter. Premier Path Wealth Partners LLC raised its holdings in Public Storage by 3.4% in the fourth quarter. Premier Path Wealth Partners LLC now owns 1,221 shares of the real estate investment trust’s stock valued at $366,000 after buying an additional 40 shares during the period. Finally, Global X Japan Co. Ltd. lifted its position in Public Storage by 13.7% during the fourth quarter. Global X Japan Co. Ltd. now owns 333 shares of the real estate investment trust’s stock valued at $100,000 after buying an additional 40 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PSA has been the subject of several recent research reports. Scotiabank raised shares of Public Storage from a “sector perform” rating to a “sector outperform” rating and dropped their price objective for the stock from $333.00 to $305.00 in a research report on Wednesday, April 9th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and raised their price objective for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Wells Fargo & Company decreased their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Barclays reiterated an “overweight” rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Finally, Royal Bank of Canada decreased their price target on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Six investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $332.08.

Public Storage Stock Performance

Shares of Public Storage stock opened at $295.75 on Friday. The firm has a market cap of $51.88 billion, a PE ratio of 30.71, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The firm’s 50-day simple moving average is $295.93 and its 200-day simple moving average is $311.59. 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 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued a $3.00 dividend. The ex-dividend date was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.06%. Public Storage’s dividend payout ratio (DPR) 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.