Public Storage (NYSE:PSA) Shares Sold by Horizon Investments LLC

Horizon Investments LLC lowered its holdings in shares of Public Storage (NYSE:PSA) by 0.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,827 shares of the real estate investment trust’s stock after selling 34 shares during the period. Horizon Investments LLC’s holdings in Public Storage were worth $1,445,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Public Storage by 732.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock worth $561,763,000 after purchasing an additional 1,358,493 shares in the last quarter. Adelante Capital Management LLC raised its holdings in shares of Public Storage by 389.9% in the third quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock worth $532,465,000 after acquiring an additional 1,164,630 shares during the last quarter. FMR LLC lifted its position in shares of Public Storage by 20.9% in the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after acquiring an additional 869,066 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Public Storage by 57.3% during the third quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock valued at $405,278,000 after acquiring an additional 405,847 shares during the last quarter. Finally, Amundi increased its position in Public Storage by 54.0% during the 4th quarter. Amundi now owns 779,882 shares of the real estate investment trust’s stock worth $230,426,000 after purchasing an additional 273,486 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Down 1.0 %

Shares of NYSE:PSA opened at $295.57 on Thursday. The stock has a 50-day simple moving average of $299.90 and a 200-day simple moving average of $322.67. The stock has a market capitalization of $51.85 billion, a P/E ratio of 30.69, a PEG 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. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.06%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s payout ratio is currently 112.89%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Truist Financial decreased their price target on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research note on Tuesday. Wells Fargo & Company decreased their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Royal Bank of Canada lowered their target price on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 26th. Barclays reissued an “overweight” rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Finally, Scotiabank dropped their target price 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. Seven research analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $338.00.

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.