QRG Capital Management Inc. Purchases 1,056 Shares of Public Storage (NYSE:PSA)

QRG Capital Management Inc. grew its stake in Public Storage (NYSE:PSA) by 5.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 20,982 shares of the real estate investment trust’s stock after purchasing an additional 1,056 shares during the quarter. QRG Capital Management Inc.’s holdings in Public Storage were worth $6,283,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PSA. Quent Capital LLC grew its holdings 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 valued at $26,000 after purchasing an additional 50 shares during the period. Prospera Private Wealth LLC bought a new position in shares of Public Storage during the third quarter worth $34,000. Ashton Thomas Securities LLC acquired a new position in shares of Public Storage in the 3rd quarter valued at $38,000. Synergy Asset Management LLC bought a new stake in shares of Public Storage in the 4th quarter valued at $38,000. Finally, Harbor Capital Advisors Inc. acquired a new stake in Public Storage during the 3rd quarter worth $55,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of NYSE PSA opened at $303.46 on Friday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a 50 day moving average price of $298.29 and a 200 day moving average price of $325.09. The stock has a market capitalization of $53.14 billion, a PE ratio of 31.51, a price-to-earnings-growth ratio of 4.91 and a beta of 0.74. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s dividend payout ratio is currently 112.89%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PSA. 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 research report on Friday, February 21st. Royal Bank of Canada reduced their price target on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday. Barclays dropped their price objective on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and upped their target price for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Finally, Truist Financial lifted their price target on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $340.69.

Insider Activity at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction on Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the transaction, the insider now directly owns 2,364 shares of the company’s stock, valued at $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 11.00% of the stock is currently owned by company insiders.

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.