Pinebridge Investments L.P. Invests $333,000 in Public Storage (NYSE:PSA)

Pinebridge Investments L.P. purchased a new position in shares of Public Storage (NYSE:PSA - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,113 shares of the real estate investment trust's stock, valued at approximately $333,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cohen & Steers Inc. lifted its holdings in Public Storage by 12.3% during the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock worth $1,626,731,000 after buying an additional 592,944 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Public Storage by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust's stock worth $1,197,769,000 after buying an additional 78,472 shares during the last quarter. Norges Bank bought a new position in Public Storage during the 4th quarter worth approximately $931,286,000. Invesco Ltd. lifted its holdings in shares of Public Storage by 2.6% in the 4th quarter. Invesco Ltd. now owns 1,099,249 shares of the real estate investment trust's stock worth $329,159,000 after purchasing an additional 27,693 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Public Storage by 2.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust's stock worth $328,677,000 after purchasing an additional 21,165 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Up 0.3 %

Shares of PSA stock opened at $291.76 on Tuesday. 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 market cap of $51.18 billion, a PE ratio of 30.30, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. The business's fifty day moving average is $295.22 and its 200-day moving average is $309.08. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage's payout ratio is 112.89%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PSA. Wells Fargo & Company cut their price target on Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Scotiabank raised Public Storage from a "sector perform" rating to a "sector outperform" rating and cut their price target for the stock from $333.00 to $305.00 in a report on Wednesday, April 9th. Mizuho began coverage on Public Storage in a report on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 price target on the stock. Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and raised their price target for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price on the stock in a research report on Thursday, April 10th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $336.25.

About Public Storage

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.

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.