APG Asset Management N.V. Acquires New Shares in Public Storage (NYSE:PSA)

APG Asset Management N.V. bought a new position in shares of Public Storage (NYSE:PSA - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 86,200 shares of the real estate investment trust's stock, valued at approximately $24,927,000.

Several other large investors also recently made changes to their positions in the business. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Public Storage by 5.0% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust's stock valued at $16,089,000 after purchasing an additional 2,566 shares in the last quarter. Capital Investment Advisors LLC raised its holdings in shares of Public Storage by 25.4% during the 4th quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust's stock valued at $8,566,000 after buying an additional 5,793 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Public Storage by 30.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust's stock worth $40,926,000 after acquiring an additional 31,662 shares in the last quarter. Meridian Wealth Management LLC purchased a new position in Public Storage in the 4th quarter worth approximately $395,000. Finally, Aew Capital Management L P boosted its holdings in Public Storage by 108.6% in the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust's stock worth $131,574,000 after acquiring an additional 228,740 shares during the period. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Stock Performance

Public Storage stock traded up $1.89 during mid-day trading on Tuesday, reaching $290.62. The company's stock had a trading volume of 134,898 shares, compared to its average volume of 733,548. 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 twelve month low of $256.31 and a twelve month high of $369.99. The business has a 50 day moving average price of $296.81 and a 200-day moving average price of $313.14. The firm has a market cap of $50.98 billion, a price-to-earnings ratio of 30.18, a PEG ratio of 4.91 and a beta of 0.76.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.13%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage's dividend payout ratio (DPR) is presently 112.89%.

Analysts Set New Price Targets

PSA has been the topic of a number of recent research reports. Barclays reissued an "overweight" rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a "sell" rating to a "hold" rating and boosted their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Mizuho assumed coverage on Public Storage in a research report on Wednesday, April 9th. They set a "neutral" rating and a $287.00 target price on the stock. Royal Bank of Canada cut their price target on Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a research note on Wednesday, February 26th. Finally, Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective on the stock in a report on Thursday, April 10th. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Public Storage presently has a consensus rating of "Moderate Buy" and a consensus price target of $332.08.

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.