Norges Bank Invests $931.29 Million in Public Storage (NYSE:PSA)

Norges Bank acquired a new stake in shares of Public Storage (NYSE:PSA) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 3,110,093 shares of the real estate investment trust’s stock, valued at approximately $931,286,000. Norges Bank owned 1.78% of Public Storage as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. State Street Corp grew its holdings in shares of 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 purchasing an additional 55,123 shares during the last quarter. Geode Capital Management LLC grew its stake in Public Storage by 1.4% in the 3rd 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Public Storage by 732.9% during 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 during the period. Adelante Capital Management LLC raised its stake in shares of Public Storage by 389.9% during the third quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock valued at $532,465,000 after acquiring an additional 1,164,630 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Public Storage by 2.0% in the fourth quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust’s stock valued at $328,677,000 after purchasing an additional 21,165 shares during the period. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 0.2 %

PSA stock opened at $292.21 on Friday. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a market cap of $51.26 billion, a P/E ratio of 30.34, a PEG ratio of 4.91 and a beta of 0.73. The company’s 50-day simple moving average is $299.95 and its 200-day simple moving average is $320.70.

Public Storage Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a yield of 4.11%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s payout ratio is currently 112.89%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and raised their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Wells Fargo & Company decreased their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. 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 report on Wednesday, March 5th. Truist Financial reduced their price target on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a report on Tuesday, March 18th. Finally, Barclays reissued an “overweight” rating and set a $354.00 price objective (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Seven analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and a consensus target price of $338.00.

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.