Cohen & Steers Inc. Increases Stake in Public Storage (NYSE:PSA)

Cohen & Steers Inc. raised its holdings in shares of Public Storage (NYSE:PSA) by 12.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 5,433,001 shares of the real estate investment trust’s stock after acquiring an additional 592,944 shares during the period. Public Storage makes up 3.1% of Cohen & Steers Inc.’s holdings, making the stock its 10th largest position. Cohen & Steers Inc. owned 3.10% of Public Storage worth $1,626,731,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Savvy Advisors Inc. acquired a new position in Public Storage during the fourth quarter valued at approximately $418,000. Advisors Capital Management LLC raised its stake in Public Storage by 3.8% during the 4th quarter. Advisors Capital Management LLC now owns 2,149 shares of the real estate investment trust’s stock worth $643,000 after buying an additional 78 shares during the period. Sagespring Wealth Partners LLC bought a new position in Public Storage during the fourth quarter worth about $271,000. Townsquare Capital LLC grew its stake in Public Storage by 13.9% in the fourth quarter. Townsquare Capital LLC now owns 4,535 shares of the real estate investment trust’s stock valued at $1,358,000 after acquiring an additional 554 shares during the period. Finally, Rockefeller Capital Management L.P. increased its holdings in shares of Public Storage by 4.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 19,390 shares of the real estate investment trust’s stock worth $5,806,000 after acquiring an additional 795 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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. Truist Financial upgraded shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a report on Thursday. Royal Bank of Canada dropped their price objective on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Mizuho initiated coverage on shares of Public Storage in a research note on Wednesday, April 9th. They issued a “neutral” rating and a $287.00 target price for the company. Finally, Barclays reissued 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. Six equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $332.08.

Public Storage Trading Up 0.7 %

NYSE PSA opened at $279.95 on Monday. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a 50 day moving average of $297.08 and a 200-day moving average of $313.61. The company has a market cap of $49.11 billion, a PE ratio of 29.07, a PEG ratio of 4.91 and a beta of 0.76.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date was Thursday, March 13th. Public Storage’s dividend payout ratio is currently 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.