Bessemer Group Inc. Reduces Stock Position in Public Storage (NYSE:PSA)

Bessemer Group Inc. decreased its stake in shares of Public Storage (NYSE:PSA) by 1.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 11,582 shares of the real estate investment trust’s stock after selling 134 shares during the quarter. Bessemer Group Inc.’s holdings in Public Storage were worth $3,468,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Public Storage in the 4th quarter worth $931,286,000. Amundi grew its holdings in shares of Public Storage by 54.0% in the fourth quarter. Amundi now owns 779,882 shares of the real estate investment trust’s stock valued at $230,426,000 after purchasing an additional 273,486 shares during the period. Aew Capital Management L P grew its holdings in shares of Public Storage by 108.6% in the fourth quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock valued at $131,574,000 after purchasing an additional 228,740 shares during the period. Proficio Capital Partners LLC acquired a new stake in Public Storage during the fourth quarter worth about $66,253,000. Finally, Russell Investments Group Ltd. raised its stake in Public Storage by 25.5% during the fourth quarter. Russell Investments Group Ltd. now owns 999,426 shares of the real estate investment trust’s stock worth $299,006,000 after purchasing an additional 202,944 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PSA shares. Barclays restated an “overweight” rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Royal Bank of Canada lowered their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Scotiabank upgraded Public Storage from a “sector perform” rating to a “sector outperform” rating and reduced their target price for the company from $333.00 to $305.00 in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and upped their price target for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Finally, Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective for the company in a research report on Thursday. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $332.08.

Public Storage Stock Performance

Shares of Public Storage stock opened at $279.95 on Friday. The stock has a market capitalization of $49.11 billion, a price-to-earnings ratio of 29.07, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The business has a 50-day moving average of $297.08 and a 200 day moving average of $313.91. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.29%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s payout ratio 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.