Public Storage (NYSE:PSA) Position Lowered by Hsbc Holdings PLC

Hsbc Holdings PLC reduced its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 7.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 650,998 shares of the real estate investment trust's stock after selling 54,395 shares during the period. Hsbc Holdings PLC owned approximately 0.37% of Public Storage worth $194,777,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Quent Capital LLC grew its stake in shares of Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 50 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Public Storage during the 4th quarter worth $32,000. Synergy Asset Management LLC acquired a new stake in shares of Public Storage in the 4th quarter worth $38,000. Millstone Evans Group LLC purchased a new stake in shares of Public Storage in the fourth quarter valued at about $38,000. Finally, Bridge Generations Wealth Management LLC acquired a new position in shares of Public Storage during the fourth quarter worth about $56,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Up 0.1 %

PSA stock traded up $0.26 during trading on Monday, reaching $291.17. The stock had a trading volume of 133,084 shares, compared to its average volume of 736,202. The firm has a fifty day moving average price of $295.33 and a 200 day moving average price of $309.44. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a market capitalization of $51.07 billion, a P/E ratio of 30.19, a PEG ratio of 4.91 and a beta of 0.76. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were issued a dividend of $3.00 per share. The ex-dividend date was Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.12%. Public Storage's dividend payout ratio is presently 112.89%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Bank of America upgraded shares of Public Storage from a "neutral" rating to a "buy" rating and raised their price objective for the company from $349.00 to $368.00 in a research report on Tuesday, April 22nd. Truist Financial raised 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. Barclays reiterated an "overweight" rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Mizuho started coverage on Public Storage in a research report on Wednesday, April 9th. They set a "neutral" rating and a $287.00 price target for the company. Finally, Scotiabank upgraded shares of Public Storage from a "sector perform" rating to a "sector outperform" rating and decreased their target price for the stock from $333.00 to $305.00 in a research report on Wednesday, April 9th. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage has a consensus rating of "Moderate Buy" and a consensus price target of $336.25.

Public Storage Company 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.