Public Storage (NYSE:PSA) Shares Purchased by Cohen & Steers Inc.

Cohen & Steers Inc. grew its stake in shares of Public Storage (NYSE:PSA - Free Report) by 12.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,433,001 shares of the real estate investment trust's stock after purchasing an additional 592,944 shares during the period. Public Storage comprises about 3.1% of Cohen & Steers Inc.'s holdings, making the stock its 10th biggest holding. Cohen & Steers Inc. owned 3.10% of Public Storage worth $1,626,731,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quent Capital LLC increased its position in shares of Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock worth $26,000 after acquiring an additional 50 shares in the last quarter. Synergy Asset Management LLC acquired a new stake in Public Storage during the 4th quarter valued at $38,000. Millstone Evans Group LLC acquired a new stake in shares of Public Storage in the fourth quarter worth $38,000. Toth Financial Advisory Corp grew its holdings in shares of Public Storage by 48.2% during the fourth quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust's stock valued at $61,000 after buying an additional 66 shares in the last quarter. Finally, McIlrath & Eck LLC raised its position in Public Storage by 24.6% during the third quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust's stock valued at $79,000 after buying an additional 43 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 $6.72 on Friday, reaching $295.75. 741,372 shares of the stock were exchanged, compared to its average volume of 735,938. The stock has a market cap of $51.88 billion, a PE ratio of 30.71, a PEG ratio of 4.91 and a beta of 0.76. The firm has a fifty day moving average price of $295.93 and a two-hundred day moving average price of $311.89. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. 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 Announces Dividend

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 $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date was Thursday, March 13th. Public Storage's dividend payout ratio (DPR) is currently 112.89%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Mizuho started coverage on Public Storage in a research note on Wednesday, April 9th. They set a "neutral" rating and a $287.00 target price on the stock. Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective on the stock in a research note on Thursday, April 10th. Wells Fargo & Company decreased their target price on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Barclays reiterated an "overweight" rating and set a $354.00 price objective (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Finally, Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and boosted their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Six equities 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $332.08.

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.