Generali Investments Management Co LLC Makes New $3.25 Million Investment in Public Storage (NYSE:PSA)

Generali Investments Management Co LLC bought a new position in Public Storage (NYSE:PSA) during the 4th quarter, Holdings Channel reports. The institutional investor bought 10,841 shares of the real estate investment trust’s stock, valued at approximately $3,246,000.

Several other hedge funds have also added to or reduced their stakes in the stock. State Street Corp boosted its holdings in Public Storage by 0.5% in the third quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock worth $3,773,571,000 after acquiring an additional 55,123 shares in the last quarter. FMR LLC boosted its holdings in 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 worth $1,828,763,000 after acquiring an additional 869,066 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Public Storage by 1.4% in the third quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust’s stock worth $1,425,941,000 after acquiring an additional 52,807 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Public Storage by 2.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust’s stock worth $1,023,080,000 after acquiring an additional 54,992 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Public Storage by 732.9% in the third 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 acquiring an additional 1,358,493 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Down 0.7 %

PSA stock opened at $298.27 on Wednesday. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The business’s 50-day moving average is $299.89 and its two-hundred day moving average is $322.86. 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 company has a market cap of $52.32 billion, a price-to-earnings ratio of 30.97, a P/E/G ratio of 4.91 and a beta of 0.73.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s dividend payout ratio is 112.89%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on PSA shares. Truist Financial dropped their target price on Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a report on Tuesday. Royal Bank of Canada lowered their price target on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Wells Fargo & Company lowered their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. 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, March 12th. Finally, 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. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $337.38.

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.