DnB Asset Management AS Has $8.67 Million Holdings in Public Storage (NYSE:PSA)

DnB Asset Management AS lifted its stake in shares of Public Storage (NYSE:PSA) by 4.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 28,942 shares of the real estate investment trust’s stock after acquiring an additional 1,186 shares during the quarter. DnB Asset Management AS’s holdings in Public Storage were worth $8,666,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in PSA. Quent Capital LLC boosted its position in Public Storage by 135.1% during the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 50 shares during the period. Synergy Asset Management LLC acquired a new stake in shares of Public Storage in the fourth quarter worth $38,000. Millstone Evans Group LLC bought a new stake in shares of Public Storage during the 4th quarter worth $38,000. Toth Financial Advisory Corp grew its stake in Public Storage by 48.2% in the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock valued at $61,000 after buying an additional 66 shares during the last quarter. Finally, McIlrath & Eck LLC raised its holdings in Public Storage by 24.6% in the 3rd quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust’s stock worth $79,000 after acquiring an additional 43 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

PSA has been the topic of several research analyst reports. 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 research report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and lifted their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Barclays reissued an “overweight” rating and issued a $354.00 price objective (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. 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. Finally, 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. Seven investment 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 an average rating of “Moderate Buy” and an average target price of $338.73.

Public Storage Stock Performance

NYSE:PSA opened at $294.25 on Friday. The firm has a market capitalization of $51.62 billion, a PE ratio of 30.56, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The firm has a 50-day moving average price of $299.91 and a 200 day moving average price of $320.03.

Public Storage Dividend Announcement

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