Sompo Asset Management Co. Ltd. Trims Holdings in Public Storage (NYSE:PSA)

Sompo Asset Management Co. Ltd. reduced its stake in shares of Public Storage (NYSE:PSA) by 2.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,960 shares of the real estate investment trust’s stock after selling 80 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Public Storage were worth $886,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in PSA. Doliver Advisors LP grew its stake in Public Storage by 2.6% in the fourth quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust’s stock worth $433,000 after purchasing an additional 36 shares in the last quarter. Brooklyn Investment Group increased its stake in shares of Public Storage by 3.4% during the fourth quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust’s stock valued at $345,000 after buying an additional 38 shares during the period. Werba Rubin Papier Wealth Management raised its holdings in shares of Public Storage by 1.7% in the fourth quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust’s stock valued at $681,000 after acquiring an additional 38 shares in the last quarter. Premier Path Wealth Partners LLC lifted its stake in Public Storage by 3.4% in the fourth quarter. Premier Path Wealth Partners LLC now owns 1,221 shares of the real estate investment trust’s stock worth $366,000 after acquiring an additional 40 shares during the period. Finally, Global X Japan Co. Ltd. grew its holdings in Public Storage by 13.7% during the 4th quarter. Global X Japan Co. Ltd. now owns 333 shares of the real estate investment trust’s stock worth $100,000 after acquiring an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Scotiabank upgraded 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. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and upped their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Mizuho began coverage on Public Storage in a report on Wednesday, April 9th. They issued a “neutral” rating and a $287.00 price target on the stock. Barclays reaffirmed an “overweight” rating and set a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Finally, Wells Fargo & Company decreased their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Public Storage currently has an average rating of “Moderate Buy” and an average price target of $336.25.

Public Storage Stock Up 3.1 %

Public Storage stock opened at $296.57 on Wednesday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The company has a market cap of $52.02 billion, a PE ratio of 30.80, a PEG ratio of 4.91 and a beta of 0.76. The business’s 50-day simple moving average is $295.58 and its two-hundred day simple moving average is $310.80.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders 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 4.05%. The ex-dividend date was Thursday, March 13th. Public Storage’s dividend payout ratio is presently 112.89%.

Public Storage 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.