Renaissance Group LLC Sells 39 Shares of Public Storage (NYSE:PSA)

Renaissance Group LLC lessened its stake in Public Storage (NYSE:PSA) by 4.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 766 shares of the real estate investment trust’s stock after selling 39 shares during the period. Renaissance Group LLC’s holdings in Public Storage were worth $227,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Public Storage by 5.0% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust’s stock worth $16,089,000 after buying an additional 2,566 shares during the period. Capital Investment Advisors LLC grew its position in shares of Public Storage by 25.4% in the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock valued at $8,566,000 after purchasing an additional 5,793 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Public Storage by 30.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust’s stock valued at $40,926,000 after purchasing an additional 31,662 shares in the last quarter. Meridian Wealth Management LLC purchased a new position in shares of Public Storage in the fourth quarter valued at $395,000. Finally, Aew Capital Management L P grew its position in Public Storage by 108.6% during the fourth quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock worth $131,574,000 after buying an additional 228,740 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PSA shares. Scotiabank raised Public Storage from a “sector perform” rating to a “sector outperform” rating and dropped their price target for the stock from $333.00 to $305.00 in a research note on Wednesday. Wells Fargo & Company reduced their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Truist Financial reduced their target price on Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a report on Tuesday, March 18th. Royal Bank of Canada cut their price target on 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. Finally, Barclays restated an “overweight” rating and issued a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Seven investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $332.08.

Public Storage Price Performance

Shares of PSA opened at $282.35 on Thursday. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. 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 simple moving average of $297.78 and a 200 day simple moving average of $315.04. The firm has a market capitalization of $49.53 billion, a PE ratio of 29.32, a P/E/G ratio of 4.91 and a beta of 0.76.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders 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 dividend on an annualized basis and a dividend yield of 4.25%. Public Storage’s dividend payout ratio (DPR) is 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.