Vanguard Group Inc. Purchases 2,274,397 Shares of Public Storage $PSA

Key Points

• Vanguard increased its stake in Public Storage by 9.9% in Q4, buying 2,274,397 shares to hold 25,343,098 shares (14.44%) worth about $6.58 billion.
• Public Storage declared a quarterly dividend of $3.00 (annualized $12.00) for a 3.9% yield, but its dividend payout ratio is a high 133.04%, indicating dividends exceed reported earnings.
• Analysts' consensus is a Moderate Buy with an average target of $308.50—roughly equal to the recent share price—though broker views vary (e.g., UBS $276 vs. Barclays $352).

Vanguard Group Inc. raised its position in Public Storage (NYSE:PSA - Free Report) by 9.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,343,098 shares of the real estate investment trust's stock after buying an additional 2,274,397 shares during the period. Vanguard Group Inc. owned 14.44% of Public Storage worth $6,576,534,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in PSA. First Pacific Financial bought a new position in shares of Public Storage in the third quarter valued at approximately $26,000. Harvest Fund Management Co. Ltd bought a new stake in Public Storage during the 3rd quarter worth approximately $27,000. Raiffeisen Bank International AG acquired a new stake in Public Storage during the 3rd quarter valued at $30,000. Tradewinds Capital Management LLC bought a new position in Public Storage in the 3rd quarter valued at $33,000. Finally, Wealth Watch Advisors INC bought a new position in Public Storage in the 3rd quarter valued at $34,000. 78.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PSA. UBS Group decreased their target price on Public Storage from $293.00 to $276.00 and set a "neutral" rating on the stock in a report on Thursday, January 8th. Barclays lifted their price target on Public Storage from $347.00 to $352.00 and gave the company an "overweight" rating in a report on Monday, April 20th. Wells Fargo & Company downgraded shares of Public Storage from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $330.00 to $295.00 in a research report on Thursday, February 5th. Scotiabank increased their price objective on shares of Public Storage from $319.00 to $321.00 and gave the stock a "sector outperform" rating in a report on Monday, March 23rd. Finally, BMO Capital Markets restated a "market perform" rating on shares of Public Storage in a research report on Monday, March 16th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $308.50.

Public Storage Stock Up 0.1%

Shares of PSA opened at $308.57 on Monday. The business's fifty day moving average price is $293.62 and its two-hundred day moving average price is $284.33. The firm has a market capitalization of $54.16 billion, a price-to-earnings ratio of 34.21, a PEG ratio of 4.09 and a beta of 1.02. Public Storage has a 52 week low of $256.54 and a 52 week high of $313.51. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.75 and a current ratio of 0.75.

Public Storage Announces Dividend

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

Public Storage Company 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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