Public Storage (NYSE:PSA) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC reduced its stake in shares of Public Storage (NYSE:PSA - Free Report) by 19.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 129,534 shares of the real estate investment trust's stock after selling 32,266 shares during the quarter. Renaissance Technologies LLC owned about 0.07% of Public Storage worth $38,788,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Public Storage by 5.0% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust's stock valued at $16,089,000 after buying an additional 2,566 shares during the period. Capital Investment Advisors LLC grew its stake in Public Storage by 25.4% during the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust's stock worth $8,566,000 after buying an additional 5,793 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Public Storage by 30.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust's stock worth $40,926,000 after purchasing an additional 31,662 shares during the period. Meridian Wealth Management LLC bought a new position in shares of Public Storage during the fourth quarter worth $395,000. Finally, Aew Capital Management L P lifted its stake in Public Storage by 108.6% in the fourth quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust's stock valued at $131,574,000 after buying an additional 228,740 shares in the last quarter. Institutional investors own 78.79% of the company's stock.

Analysts Set New Price Targets

PSA has been the topic of several analyst reports. 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 report on Thursday, April 10th. Barclays restated an "overweight" rating and issued a $354.00 price target (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Mizuho assumed coverage on shares of Public Storage in a research note on Wednesday, April 9th. They set a "neutral" rating and a $287.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a "sell" rating to a "hold" rating and upped their price target for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Scotiabank raised 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 note on Wednesday, April 9th. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $332.08.

Public Storage Trading Up 0.8 %

NYSE:PSA traded up $2.30 during mid-day trading on Wednesday, hitting $291.21. 125,117 shares of the stock traded hands, compared to its average volume of 732,682. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm's 50 day moving average is $296.53 and its two-hundred day moving average is $312.97. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The stock has a market capitalization of $51.08 billion, a price-to-earnings ratio of 30.24, a PEG ratio of 4.91 and a beta of 0.76.

Public Storage Announces Dividend

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