Public Storage (NYSE:PSA) Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its stake in Public Storage (NYSE:PSA) by 6.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 107,523 shares of the real estate investment trust’s stock after selling 6,858 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Public Storage were worth $32,197,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Quent Capital LLC lifted its stake 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 purchasing an additional 50 shares during the period. Synergy Asset Management LLC purchased a new position in Public Storage in the fourth quarter valued at $38,000. Millstone Evans Group LLC acquired a new position in shares of Public Storage in the fourth quarter worth about $38,000. Toth Financial Advisory Corp boosted its stake in shares of Public Storage by 48.2% during the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after acquiring an additional 66 shares in the last quarter. Finally, Parkworth Wealth Management Inc. acquired a new stake in shares of Public Storage during the 4th quarter valued at about $67,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 0.8 %

Shares of Public Storage stock opened at $294.25 on Monday. 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 current ratio of 0.97 and a quick ratio of 0.97. The stock has a market cap of $51.62 billion, a P/E ratio of 30.56, a P/E/G ratio of 4.91 and a beta of 0.73. The stock’s 50 day simple moving average is $299.91 and its 200-day simple moving average is $319.75.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.08%. The ex-dividend date was Thursday, March 13th. Public Storage’s payout ratio is currently 112.89%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PSA. Barclays reiterated an “overweight” rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and lifted their price target for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Wells Fargo & Company reduced their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Truist Financial dropped their target price on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research report on Tuesday, March 18th. Finally, Scotiabank reduced their price target on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 5th. Seven research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $338.73.

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.