Ossiam Boosts Stake in Public Storage (NYSE:PSA)

Ossiam grew its holdings in Public Storage (NYSE:PSA) by 12.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,149 shares of the real estate investment trust’s stock after purchasing an additional 448 shares during the period. Ossiam’s holdings in Public Storage were worth $1,242,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PSA. Cohen & Steers Inc. lifted its stake in Public Storage by 12.3% during the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock worth $1,626,731,000 after acquiring an additional 592,944 shares in the last quarter. Geode Capital Management LLC grew 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 valued at $1,197,769,000 after purchasing an additional 78,472 shares in the last quarter. Norges Bank purchased a new stake in Public Storage during the 4th quarter worth approximately $931,286,000. Invesco Ltd. boosted its position in Public Storage by 2.6% in the 4th quarter. Invesco Ltd. now owns 1,099,249 shares of the real estate investment trust’s stock valued at $329,159,000 after buying an additional 27,693 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Public Storage by 2.0% in the fourth quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust’s stock worth $328,677,000 after acquiring an additional 21,165 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Performance

Shares of PSA stock opened at $287.55 on Tuesday. The stock’s 50-day moving average is $295.68 and its two-hundred day moving average is $310.89. 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 1 year low of $256.31 and a 1 year high of $369.99. The firm has a market cap of $50.44 billion, a price-to-earnings ratio of 29.86, a PEG ratio of 4.91 and a beta of 0.76.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were paid a dividend of $3.00 per share. The ex-dividend date was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.17%. Public Storage’s dividend payout ratio is presently 112.89%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PSA. Deutsche Bank Aktiengesellschaft upgraded 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 report on Friday, January 10th. Scotiabank upgraded Public Storage from a “sector perform” rating to a “sector outperform” rating and decreased their price objective for the company from $333.00 to $305.00 in a research note on Wednesday, April 9th. Wells Fargo & Company cut their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Truist Financial upgraded shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a research note on Thursday, April 10th. Finally, Mizuho started coverage on shares of Public Storage in a research report on Wednesday, April 9th. They issued a “neutral” rating and a $287.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $332.08.

Public Storage Company 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.