Public Storage (NYSE:PSA) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board decreased its holdings in Public Storage (NYSE:PSA) by 2.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,098,241 shares of the real estate investment trust’s stock after selling 30,972 shares during the quarter. Canada Pension Plan Investment Board owned about 0.63% of Public Storage worth $328,857,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Cohen & Steers Inc. lifted its stake in shares of Public Storage by 12.3% in the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock valued at $1,626,731,000 after purchasing an additional 592,944 shares during the period. Geode Capital Management LLC increased its holdings in Public Storage by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust’s stock valued at $1,197,769,000 after buying an additional 78,472 shares in the last quarter. Norges Bank acquired a new stake in shares of Public Storage during the 4th quarter valued at approximately $931,286,000. Invesco Ltd. boosted its stake in shares of Public Storage by 2.6% during the 4th quarter. Invesco Ltd. now owns 1,099,249 shares of the real estate investment trust’s stock worth $329,159,000 after acquiring an additional 27,693 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Public Storage by 2.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust’s stock worth $328,677,000 after acquiring an additional 21,165 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Price Performance

PSA stock opened at $289.25 on Thursday. The company has a market cap of $50.74 billion, a PE ratio of 30.04, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. 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 price of $296.27 and a two-hundred day moving average price of $312.80. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date was Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

Analyst Upgrades and Downgrades

PSA has been the topic of a number of research analyst reports. Mizuho assumed coverage on Public Storage in a research report on Wednesday, April 9th. They set a “neutral” rating and a $287.00 target price on the stock. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and increased their price objective for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Barclays restated an “overweight” rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Scotiabank raised shares of Public Storage from a “sector perform” rating to a “sector outperform” rating and reduced their price target for the company from $333.00 to $305.00 in a report on Wednesday, April 9th. Finally, Truist Financial raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective for the company in a research note on Thursday, April 10th. Six investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Public Storage has an average rating of “Moderate Buy” and a consensus price target of $332.08.

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.