Public Storage (NYSE:PSA) Shares Sold by Adams Diversified Equity Fund Inc.

Adams Diversified Equity Fund Inc. trimmed its stake in Public Storage (NYSE:PSA) by 7.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 45,000 shares of the real estate investment trust’s stock after selling 3,400 shares during the quarter. Adams Diversified Equity Fund Inc.’s holdings in Public Storage were worth $13,475,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Quent Capital LLC raised its holdings in shares of Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 50 shares during the last quarter. Prospera Private Wealth LLC acquired a new position in shares of Public Storage in the third quarter worth $34,000. Synergy Asset Management LLC acquired a new position in shares of Public Storage in the fourth quarter worth $38,000. Toth Financial Advisory Corp raised its holdings in shares of Public Storage by 48.2% in the fourth 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 last quarter. Finally, Parkworth Wealth Management Inc. acquired a new position in shares of Public Storage in the fourth quarter worth $67,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Price Performance

Shares of NYSE PSA opened at $296.12 on Friday. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The business has a 50-day moving average of $299.91 and a 200-day moving average of $322.48. 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 $51.94 billion, a price-to-earnings ratio of 30.75, a PEG ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.05%. The ex-dividend date is Thursday, March 13th. Public Storage’s payout ratio is 112.89%.

Analyst Upgrades and Downgrades

Several research firms recently commented on PSA. Truist Financial dropped their target price on Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research note on Tuesday. Barclays reiterated an “overweight” rating and issued a $354.00 target price (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and upped their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Scotiabank dropped their target price on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 5th. Finally, Royal Bank of Canada dropped their target price on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 26th. Seven research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $338.00.

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.