Federated Hermes Inc. Has $36.62 Million Stock Position in Public Storage (NYSE:PSA)

Federated Hermes Inc. cut its stake in Public Storage (NYSE:PSA) by 59.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 122,295 shares of the real estate investment trust’s stock after selling 181,169 shares during the period. Federated Hermes Inc.’s holdings in Public Storage were worth $36,620,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of PSA. Quent Capital LLC grew its position in Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 50 shares during the period. Synergy Asset Management LLC bought a new stake in shares of Public Storage in the 4th quarter worth about $38,000. Millstone Evans Group LLC bought a new stake in shares of Public Storage in the 4th quarter worth about $38,000. Toth Financial Advisory Corp increased its position in shares of Public Storage by 48.2% during the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after purchasing an additional 66 shares in the last quarter. Finally, McIlrath & Eck LLC lifted its holdings in Public Storage by 24.6% during the 3rd quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust’s stock valued at $79,000 after purchasing an additional 43 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

PSA has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and raised their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Scotiabank decreased their price target on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research report on Wednesday, March 5th. Royal Bank of Canada cut 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. Barclays reissued an “overweight” rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Finally, Wells Fargo & Company lowered their target price 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. Seven investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $338.73.

Public Storage Trading Down 3.1 %

NYSE PSA opened at $275.70 on Tuesday. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The stock has a 50-day simple moving average of $299.61 and a 200 day simple moving average of $316.88. 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 company has a market capitalization of $48.36 billion, a PE ratio of 28.63, a P/E/G ratio of 4.91 and a beta of 0.76.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.35%. Public Storage’s dividend payout ratio is presently 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.