Public Storage (NYSE:PSA) Holdings Cut by Clearbridge Investments LLC

Clearbridge Investments LLC cut its stake in shares of Public Storage (NYSE:PSA) by 9.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 654,078 shares of the real estate investment trust’s stock after selling 70,341 shares during the quarter. Clearbridge Investments LLC owned approximately 0.37% of Public Storage worth $195,857,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Quent Capital LLC boosted its position in Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 50 shares during the period. Synergy Asset Management LLC acquired a new position in shares of Public Storage during the fourth quarter valued at $38,000. Millstone Evans Group LLC bought a new position in shares of Public Storage during the fourth quarter worth about $38,000. Toth Financial Advisory Corp increased its holdings in shares of 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 worth $61,000 after acquiring an additional 66 shares during the period. Finally, Parkworth Wealth Management Inc. bought a new stake in Public Storage in the 4th quarter valued at about $67,000. 78.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on PSA. 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. Truist Financial lowered their target price on Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research report on Tuesday, March 18th. Wells Fargo & Company reduced their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and raised their price target for the company from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Scotiabank reduced their price objective on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a report on Wednesday, March 5th. Seven research 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’s stock. Based on data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $338.73.

Public Storage Price Performance

NYSE:PSA opened at $294.25 on Monday. 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 business’s 50-day moving average price is $299.91 and its 200 day moving average price is $319.75. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The firm has a market cap of $51.62 billion, a P/E ratio of 30.56, a PEG ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were paid a $3.00 dividend. 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 is currently 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.