Vestcor Inc Trims Position in Public Storage (NYSE:PSA)

Vestcor Inc cut its holdings in shares of Public Storage (NYSE:PSA) by 12.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 14,278 shares of the real estate investment trust’s stock after selling 2,032 shares during the quarter. Vestcor Inc’s holdings in Public Storage were worth $4,275,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Quent Capital LLC boosted its position in shares of Public Storage by 135.1% during the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 50 shares in the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Public Storage during the third quarter valued at approximately $34,000. Ashton Thomas Securities LLC bought a new stake in shares of Public Storage during the third quarter valued at approximately $38,000. Synergy Asset Management LLC bought a new stake in shares of Public Storage during the fourth quarter valued at approximately $38,000. Finally, Toth Financial Advisory Corp boosted its position in shares of Public Storage by 48.2% during the fourth 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 in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PSA has been the topic of several research reports. Truist Financial lifted their price target on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Barclays reaffirmed an “overweight” rating and set a $354.00 price target (down from $361.00) on shares of Public Storage in a report on Wednesday. Scotiabank lowered their price target on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 5th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and upped their price target for the company from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Wells Fargo & Company reduced their price objective 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. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Public Storage has an average rating of “Moderate Buy” and an average price target of $339.69.

Public Storage Stock Down 3.6 %

Public Storage stock opened at $292.66 on Friday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The business’s 50-day simple moving average is $299.84 and its two-hundred day simple moving average is $324.01. The company has a market cap of $51.34 billion, a PE ratio of 30.39, a PEG ratio of 4.91 and a beta of 0.73. 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 announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.10%. Public Storage’s 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.