Mitsubishi UFJ Asset Management Co. Ltd. Boosts Position in Public Storage (NYSE:PSA)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Public Storage (NYSE:PSA) by 7.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 358,694 shares of the real estate investment trust’s stock after purchasing an additional 25,297 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.20% of Public Storage worth $107,770,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in 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 last quarter. Adelante Capital Management LLC increased its position in shares of Public Storage by 389.9% during the 3rd quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock worth $532,465,000 after purchasing an additional 1,164,630 shares during the last quarter. Amundi raised its holdings in Public Storage by 54.0% in the 4th quarter. Amundi now owns 779,882 shares of the real estate investment trust’s stock valued at $230,426,000 after buying an additional 273,486 shares during the period. Aew Capital Management L P lifted its position in Public Storage by 108.6% in the fourth quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock valued at $131,574,000 after buying an additional 228,740 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Public Storage during the fourth quarter valued at about $66,253,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on PSA. Truist Financial decreased their price objective on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a report on Tuesday, March 18th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and raised their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Barclays reiterated an “overweight” rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Wells Fargo & Company lowered their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Finally, Royal Bank of Canada cut their price target on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock 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 given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $338.00.

Public Storage Price Performance

Shares of NYSE:PSA opened at $292.21 on Friday. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The firm has a market capitalization of $51.26 billion, a P/E ratio of 30.34, a P/E/G ratio of 4.91 and a beta of 0.73. 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’s fifty day moving average price is $299.95 and its 200 day moving average price is $320.70.

Public Storage Announces Dividend

The company 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 dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is currently 112.89%.

Public Storage Company 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.