Renaissance Group LLC Decreases Stake in Public Storage (NYSE:PSA)

Renaissance Group LLC cut its stake in shares of Public Storage (NYSE:PSA) by 4.8% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 766 shares of the real estate investment trust’s stock after selling 39 shares during the period. Renaissance Group LLC’s holdings in Public Storage were worth $227,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quent Capital LLC raised its position in shares of Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 50 shares in the last quarter. Synergy Asset Management LLC acquired a new position in shares of Public Storage in the 4th quarter valued at approximately $38,000. Millstone Evans Group LLC acquired a new stake in shares of Public Storage during the 4th quarter valued at approximately $38,000. Toth Financial Advisory Corp raised 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 valued at $61,000 after acquiring an additional 66 shares in the last quarter. Finally, McIlrath & Eck LLC raised its position in shares of 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 acquiring an additional 43 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Trading Up 6.0 %

Shares of PSA stock opened at $282.35 on Thursday. The stock has a 50-day simple moving average of $297.78 and a 200 day simple moving average of $315.04. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The stock has a market capitalization of $49.53 billion, a P/E ratio of 29.32, a P/E/G ratio of 4.91 and a beta of 0.76. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.25%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s dividend payout ratio is 112.89%.

Wall Street Analysts Forecast Growth

PSA has been the topic of several research reports. Royal Bank of Canada dropped their price target on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. 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 report on Friday, January 10th. Barclays restated an “overweight” rating and set a $354.00 price objective (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Mizuho assumed coverage on Public Storage in a research note on Wednesday. They set a “neutral” rating and a $287.00 price objective for the company. Finally, Wells Fargo & Company lowered their price objective 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, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target 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.