Centersquare Investment Management LLC Trims Position in Public Storage (NYSE:PSA)

Centersquare Investment Management LLC cut its stake in shares of Public Storage (NYSE:PSA) by 9.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 759,484 shares of the real estate investment trust’s stock after selling 75,339 shares during the period. Public Storage comprises 2.4% of Centersquare Investment Management LLC’s portfolio, making the stock its 14th biggest holding. Centersquare Investment Management LLC’s holdings in Public Storage were worth $227,420,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp increased its holdings in Public Storage by 0.5% during the 3rd quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock worth $3,773,571,000 after acquiring an additional 55,123 shares during the period. Geode Capital Management LLC increased its holdings in shares of 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 worth $1,197,769,000 after purchasing an additional 78,472 shares during the period. Norges Bank purchased a new stake in shares of Public Storage in the fourth quarter worth $931,286,000. Bank of New York Mellon Corp boosted its stake in Public Storage by 2.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust’s stock valued at $328,677,000 after buying an additional 21,165 shares during the period. Finally, Amundi grew its position in Public Storage by 54.0% during the fourth quarter. Amundi now owns 779,882 shares of the real estate investment trust’s stock worth $230,426,000 after buying an additional 273,486 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Down 0.8 %

Shares of NYSE:PSA opened at $294.58 on Friday. The stock has a market capitalization of $51.67 billion, a P/E ratio of 30.59, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. The stock’s 50-day moving average price is $300.21 and its 200-day moving average price is $318.59. 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 has a 12-month low of $256.31 and a 12-month high of $369.99.

Public Storage Dividend Announcement

The business also recently declared 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. The ex-dividend date was Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.07%. Public Storage’s payout ratio is 112.89%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PSA shares. Truist Financial dropped their price target on Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research report on Tuesday, March 18th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and lifted their target price for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Wells Fargo & Company lowered their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. 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 for the company in a report on Wednesday, February 26th. Finally, Barclays restated an “overweight” rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Seven equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $338.73.

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.