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Stephens Inc. AR Lowers Stake in Public Storage (NYSE:PSA)

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Stephens Inc. AR reduced its stake in shares of Public Storage (NYSE:PSA - Free Report) by 18.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,976 shares of the real estate investment trust's stock after selling 6,849 shares during the quarter. Stephens Inc. AR's holdings in Public Storage were worth $9,271,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Cohen & Steers Inc. boosted its stake in shares of Public Storage by 12.3% during the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock valued at $1,626,731,000 after purchasing an additional 592,944 shares during the period. Geode Capital Management LLC boosted its stake in shares of Public Storage by 2.0% during 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 during the period. Norges Bank purchased a new stake in shares of Public Storage during the fourth quarter valued at $931,286,000. Northern Trust Corp boosted its stake in shares of Public Storage by 43.4% during the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock valued at $741,592,000 after purchasing an additional 749,913 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Public Storage by 10.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,702,522 shares of the real estate investment trust's stock valued at $509,803,000 after purchasing an additional 158,665 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PSA has been the subject of a number of recent analyst reports. Bank of America boosted their target price on shares of Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective for the company in a research note on Thursday, April 10th. Mizuho upped their price objective on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. BNP Paribas Exane assumed coverage on shares of Public Storage in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price objective for the company. Finally, Barclays lowered their price objective on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $337.64.

Read Our Latest Research Report on Public Storage

Public Storage Stock Down 0.0%

PSA stock opened at $288.81 on Monday. The firm has a market cap of $50.67 billion, a PE ratio of 28.68, a P/E/G ratio of 4.18 and a beta of 0.86. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55. The firm's fifty day moving average is $298.17 and its 200 day moving average is $296.82. Public Storage has a one year low of $256.60 and a one year high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.06 by $0.06. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the business earned $4.03 earnings per share. The company's revenue for the quarter was up .1% compared to the same quarter last year. On average, research analysts forecast that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were given a $3.00 dividend. The ex-dividend date was Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.15%. Public Storage's dividend payout ratio (DPR) is 119.17%.

About Public Storage

(Free Report)

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.

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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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