Hsbc Holdings PLC Trims Holdings in Public Storage (NYSE:PSA)

Hsbc Holdings PLC lowered its position in Public Storage (NYSE:PSA) by 7.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 650,998 shares of the real estate investment trust’s stock after selling 54,395 shares during the period. Hsbc Holdings PLC’s holdings in Public Storage were worth $194,777,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Quent Capital LLC boosted its holdings in shares of Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 50 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in Public Storage in the fourth quarter valued at $32,000. Synergy Asset Management LLC acquired a new stake in Public Storage during the 4th quarter worth about $38,000. Millstone Evans Group LLC purchased a new position in shares of Public Storage during the 4th quarter valued at about $38,000. Finally, Bridge Generations Wealth Management LLC acquired a new position in shares of Public Storage in the 4th quarter valued at about $56,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PSA shares. Wells Fargo & Company reduced their price target 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. Royal Bank of Canada lowered their price target on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Scotiabank raised shares of Public Storage from a “sector perform” rating to a “sector outperform” rating and cut their price objective for the company from $333.00 to $305.00 in a report on Wednesday, April 9th. Mizuho started coverage on shares of Public Storage in a research note on Wednesday, April 9th. They set a “neutral” rating and a $287.00 target price on the stock. Finally, Barclays reaffirmed an “overweight” rating and issued a $354.00 price target (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $336.25.

Public Storage Stock Performance

NYSE:PSA opened at $296.57 on Wednesday. The company has a market cap of $52.02 billion, a P/E ratio of 30.80, a P/E/G ratio of 4.91 and a beta of 0.76. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The company’s 50-day moving average price is $295.58 and its 200-day moving average price is $310.80. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.05%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s dividend payout ratio is currently 112.89%.

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.