KLP Kapitalforvaltning AS Buys Shares of 61,514 Public Storage (NYSE:PSA)

KLP Kapitalforvaltning AS bought a new stake in shares of Public Storage (NYSE:PSA) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 61,514 shares of the real estate investment trust’s stock, valued at approximately $18,420,000.

A number of other large investors also recently added to or reduced their stakes in PSA. Quent Capital LLC lifted its position in Public Storage by 135.1% during the 4th 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 during the period. Synergy Asset Management LLC acquired a new position in Public Storage during the 4th quarter valued at about $38,000. Millstone Evans Group LLC acquired a new position in Public Storage during the 4th quarter valued at about $38,000. Toth Financial Advisory Corp increased its stake in shares of Public Storage by 48.2% in the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock valued at $61,000 after acquiring an additional 66 shares during the last quarter. Finally, Parkworth Wealth Management Inc. bought a new stake in shares of Public Storage in the 4th quarter valued at about $67,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Price Performance

NYSE PSA opened at $291.19 on Monday. The business has a 50 day simple moving average of $299.96 and a 200 day simple moving average of $321.83. Public Storage has a 52-week low of $256.31 and a 52-week 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. The stock has a market cap of $51.08 billion, a price-to-earnings ratio of 30.24, a PEG ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date is Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is currently 112.89%.

Analysts Set New Price Targets

PSA has been the subject of a number of recent analyst reports. Truist Financial lowered their price target on Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research note on Tuesday, March 18th. Wells Fargo & Company lowered their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. 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 research note on Friday, January 10th. Royal Bank of Canada lowered their price target on 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. Finally, Scotiabank lowered their price target 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $338.00.

About Public Storage

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.