Public Storage (NYSE:PSA) Shares Sold by Duff & Phelps Investment Management Co.

Duff & Phelps Investment Management Co. cut its stake in Public Storage (NYSE:PSA) by 2.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 541,260 shares of the real estate investment trust’s stock after selling 13,940 shares during the period. Public Storage accounts for 1.9% of Duff & Phelps Investment Management Co.’s investment portfolio, making the stock its 9th largest holding. Duff & Phelps Investment Management Co.’s holdings in Public Storage were worth $162,075,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Public Storage by 5.0% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust’s stock valued at $16,089,000 after purchasing an additional 2,566 shares during the period. Capital Investment Advisors LLC boosted its holdings in Public Storage by 25.4% in the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock worth $8,566,000 after acquiring an additional 5,793 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Public Storage by 30.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust’s stock worth $40,926,000 after buying an additional 31,662 shares during the last quarter. Meridian Wealth Management LLC purchased a new stake in Public Storage during the fourth quarter valued at approximately $395,000. Finally, Aew Capital Management L P raised its position in shares of Public Storage by 108.6% during the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock valued at $131,574,000 after purchasing an additional 228,740 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on PSA shares. Wells Fargo & Company reduced their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Royal Bank of Canada cut 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. Barclays reaffirmed an “overweight” rating and set a $354.00 target price (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and lifted their target price for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Truist Financial cut 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, March 18th. Seven equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $338.00.

Public Storage Trading Up 0.2 %

Shares of PSA stock opened at $292.21 on Friday. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The firm has a market capitalization of $51.26 billion, a P/E ratio of 30.34, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. The firm’s fifty day simple moving average is $299.95 and its 200 day simple moving average is $320.70. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be paid a dividend of $3.00 per share. The ex-dividend date is Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.11%. Public Storage’s dividend payout ratio is 112.89%.

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.