Public Storage (NYSE:PSA) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC raised its holdings in Public Storage (NYSE:PSA) by 2.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,010,044 shares of the real estate investment trust’s stock after purchasing an additional 78,472 shares during the period. Geode Capital Management LLC’s holdings in Public Storage were worth $1,197,769,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quent Capital LLC grew its stake in 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 acquiring an additional 50 shares during the period. Synergy Asset Management LLC purchased a new stake in shares of Public Storage during the fourth quarter worth about $38,000. Millstone Evans Group LLC acquired a new position in shares of Public Storage during the 4th quarter worth about $38,000. Toth Financial Advisory Corp raised its position 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 purchasing an additional 66 shares during the last quarter. Finally, Parkworth Wealth Management Inc. purchased a new position in Public Storage in the 4th quarter valued at about $67,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on PSA. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and increased their target price for the company from $298.00 to $299.00 in a report on Friday, January 10th. Truist Financial reduced their price objective 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. Royal Bank of Canada lowered their target price on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. Scotiabank reduced their target price 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. Finally, Wells Fargo & Company lowered their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Seven equities 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’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $338.73.

Public Storage Price Performance

Shares of PSA stock opened at $299.02 on Wednesday. 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 company has a market capitalization of $52.45 billion, a PE ratio of 31.05, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. The firm’s 50-day moving average is $300.01 and its two-hundred day moving average is $318.91. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.01%. The ex-dividend date was Thursday, March 13th. Public Storage’s payout ratio is presently 112.89%.

Public Storage 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.