Northern Trust Corp Purchases 749,913 Shares of Public Storage (NYSE:PSA)

Northern Trust Corp increased its position in shares of Public Storage (NYSE:PSA - Free Report) by 43.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,476,596 shares of the real estate investment trust's stock after buying an additional 749,913 shares during the quarter. Northern Trust Corp owned 1.41% of Public Storage worth $741,592,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of PSA. Quent Capital LLC lifted 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 valued at $26,000 after buying an additional 50 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in Public Storage during the fourth quarter worth about $32,000. Synergy Asset Management LLC acquired a new stake in Public Storage during the fourth quarter worth about $38,000. Millstone Evans Group LLC acquired a new stake in Public Storage during the fourth quarter worth about $38,000. Finally, Bridge Generations Wealth Management LLC acquired a new stake in Public Storage during the fourth quarter worth about $56,000. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PSA shares. Mizuho initiated coverage on shares of Public Storage in a report on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 price objective for the company. 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. Scotiabank raised shares of Public Storage from a "sector perform" rating to a "sector outperform" rating and reduced their price target for the company from $333.00 to $305.00 in a research report on Wednesday, April 9th. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target for the company in a research report on Thursday, April 10th. Finally, Bank of America upgraded shares of Public Storage from a "neutral" rating to a "buy" rating and increased their price objective for the company from $349.00 to $368.00 in a research note on Tuesday, April 22nd. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $336.25.

Public Storage Trading Up 0.3 %

NYSE PSA opened at $291.76 on Tuesday. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a 50 day simple moving average of $295.22 and a two-hundred day simple moving average of $309.08. The stock has a market cap of $51.18 billion, a P/E ratio of 30.30, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76.

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 $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.11%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage's dividend payout ratio (DPR) is currently 112.89%.

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.

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