KLP Kapitalforvaltning AS Reduces Stock Holdings in Public Storage $PSA

Key Points

• KLP Kapitalforvaltning AS trimmed its stake in Public Storage (PSA) by 11.5% in Q4, selling 7,300 shares and now holds 56,214 shares valued at $14.588 million.
• Public Storage paid a quarterly dividend of $3.00 per share (annualized $12.00) for a 3.9% yield, though its dividend payout ratio is elevated at 133.04%.
• Analyst sentiment is mixed but slightly positive with a consensus rating of "Moderate Buy" and a $308.50 average price target amid recent downgrades and some buy upgrades.

KLP Kapitalforvaltning AS trimmed its position in Public Storage (NYSE:PSA - Free Report) by 11.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 56,214 shares of the real estate investment trust's stock after selling 7,300 shares during the period. KLP Kapitalforvaltning AS's holdings in Public Storage were worth $14,588,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. First Pacific Financial purchased a new position in Public Storage in the third quarter worth about $26,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Public Storage during the 3rd quarter valued at about $27,000. Raiffeisen Bank International AG purchased a new position in shares of Public Storage during the 3rd quarter valued at about $30,000. Tradewinds Capital Management LLC purchased a new position in shares of Public Storage during the 3rd quarter valued at about $33,000. Finally, Wealth Watch Advisors INC purchased a new position in shares of Public Storage during the 3rd quarter valued at about $34,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PSA. Bank of America cut Public Storage from a "buy" rating to a "neutral" rating and set a $310.00 price objective on the stock. in a research report on Thursday, February 5th. Wall Street Zen cut Public Storage from a "hold" rating to a "sell" rating in a research report on Sunday, March 29th. Truist Financial lifted their price objective on Public Storage from $315.00 to $317.00 and gave the company a "buy" rating in a research report on Tuesday, January 20th. JPMorgan Chase & Co. lowered their price objective on Public Storage from $295.00 to $291.00 and set a "neutral" rating on the stock in a research report on Monday, March 23rd. Finally, Wolfe Research cut Public Storage from an "outperform" rating to a "peer perform" rating in a research report on Monday, January 26th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and twelve have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $308.50.

Public Storage Stock Up 2.0%

PSA stock opened at $310.89 on Friday. The business's 50-day moving average price is $293.46 and its 200-day moving average price is $284.33. The stock has a market cap of $54.56 billion, a P/E ratio of 34.47, a PEG ratio of 4.05 and a beta of 1.02. Public Storage has a twelve month low of $256.54 and a twelve month high of $313.51. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 2.05.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 16th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Monday, March 16th. Public Storage's dividend payout ratio (DPR) is 133.04%.

Public Storage Profile

Public Storage NYSE: PSA is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company's core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.

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