Public Storage (NYSE:PSA) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its holdings in shares of Public Storage (NYSE:PSA) by 30.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 3,092,461 shares of the real estate investment trust’s stock after selling 1,347,886 shares during the period. JPMorgan Chase & Co.’s holdings in Public Storage were worth $926,007,000 at the end of the most recent reporting period.

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

Public Storage Price Performance

NYSE:PSA opened at $294.25 on Friday. The stock has a 50 day moving average price of $299.91 and a 200 day moving average price of $320.30. The stock has a market cap of $51.62 billion, a PE ratio of 30.56, a P/E/G ratio of 4.91 and a beta of 0.73. 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 has a one year low of $256.31 and a one year high of $369.99.

Public Storage Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PSA shares. Scotiabank dropped their target price on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research report on Wednesday, March 5th. Wells Fargo & Company lowered their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Royal Bank of Canada reduced their target price on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Barclays restated an “overweight” rating and issued a $354.00 target price (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Finally, Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and boosted their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Seven analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $338.73.

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.