Freedom Investment Management Inc. Trims Stake in Public Storage (NYSE:PSA)

Freedom Investment Management Inc. trimmed its position in Public Storage (NYSE:PSA) by 14.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 944 shares of the real estate investment trust’s stock after selling 163 shares during the quarter. Freedom Investment Management Inc.’s holdings in Public Storage were worth $283,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in PSA. Barclays PLC raised its stake in Public Storage by 2.9% in the third quarter. Barclays PLC now owns 465,653 shares of the real estate investment trust’s stock worth $169,433,000 after buying an additional 13,065 shares in the last quarter. McIlrath & Eck LLC raised its position in shares of Public Storage by 24.6% in the 3rd quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust’s stock worth $79,000 after acquiring an additional 43 shares in the last quarter. World Investment Advisors LLC purchased a new stake in shares of Public Storage during the 3rd quarter worth $3,713,000. Wilmington Savings Fund Society FSB bought a new stake in Public Storage during the third quarter valued at about $1,466,000. Finally, Tidal Investments LLC grew its stake in Public Storage by 30.3% in the third quarter. Tidal Investments LLC now owns 11,386 shares of the real estate investment trust’s stock valued at $4,143,000 after purchasing an additional 2,646 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Shares of NYSE PSA opened at $296.57 on Wednesday. The stock has a market cap of $52.02 billion, a price-to-earnings ratio of 30.80, a PEG ratio of 4.91 and a beta of 0.76. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The company has a 50 day simple moving average of $295.58 and a two-hundred day simple moving average of $310.80. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were paid a $3.00 dividend. 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 4.05%. Public Storage’s payout ratio is 112.89%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Scotiabank upgraded shares of Public Storage from a “sector perform” rating to a “sector outperform” rating and lowered their price target for the company from $333.00 to $305.00 in a report on Wednesday, April 9th. 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 report on Wednesday, February 26th. Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target on the stock in a research report on Thursday, April 10th. Mizuho started coverage on Public Storage in a research note on Wednesday, April 9th. They set a “neutral” rating and a $287.00 target price on the stock. Finally, Wells Fargo & Company decreased their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and an average target price of $336.25.

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.