Public Storage (NYSE:PSA) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its stake in shares of Public Storage (NYSE:PSA - Free Report) by 9.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 100,982 shares of the real estate investment trust's stock after selling 11,036 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.06% of Public Storage worth $30,238,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PSA. Barclays PLC lifted its holdings in shares of Public Storage by 2.9% in the 3rd quarter. Barclays PLC now owns 465,653 shares of the real estate investment trust's stock worth $169,433,000 after buying an additional 13,065 shares during the period. World Investment Advisors LLC purchased a new stake in Public Storage in the third quarter worth about $3,713,000. Wilmington Savings Fund Society FSB bought a new position in Public Storage during the 3rd quarter worth about $1,466,000. Tidal Investments LLC increased its position in Public Storage by 30.3% during the 3rd quarter. Tidal Investments LLC now owns 11,386 shares of the real estate investment trust's stock valued at $4,143,000 after purchasing an additional 2,646 shares during the period. Finally, Synovus Financial Corp raised its holdings in shares of Public Storage by 42.0% in the 3rd quarter. Synovus Financial Corp now owns 5,776 shares of the real estate investment trust's stock valued at $2,101,000 after purchasing an additional 1,708 shares in the last quarter. Institutional investors own 78.79% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on PSA. Bank of America raised shares of Public Storage from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $349.00 to $368.00 in a research note on Tuesday, April 22nd. Evercore ISI upped their price objective on Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a research note on Friday. Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price for the company in a report on Thursday, April 10th. Wells Fargo & Company dropped their target price on Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Finally, Royal Bank of Canada lowered their price target on Public Storage from $329.00 to $328.00 and set a "sector perform" rating for the company in a report on Friday. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $333.75.

Public Storage Stock Performance

NYSE PSA traded up $0.11 on Monday, hitting $300.26. 861,338 shares of the company's stock traded hands, compared to its average volume of 739,527. The firm's 50-day moving average price is $294.73 and its two-hundred day moving average price is $307.76. The firm has a market capitalization of $52.67 billion, a PE ratio of 31.18, a P/E/G ratio of 4.91 and a beta of 0.76. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.06 by $0.06. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The firm's quarterly revenue was up .1% on a year-over-year basis. During the same period in the previous year, the firm posted $4.03 earnings per share. As a group, analysts expect that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage's payout ratio is presently 119.17%.

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.