Public Storage (NYSE:PSA) Shares Bought by Treasurer of the State of North Carolina

Treasurer of the State of North Carolina grew its holdings in Public Storage (NYSE:PSA - Free Report) by 1.9% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 70,424 shares of the real estate investment trust's stock after buying an additional 1,310 shares during the period. Treasurer of the State of North Carolina's holdings in Public Storage were worth $21,088,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Doliver Advisors LP lifted its position in Public Storage by 2.6% during the 4th quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust's stock worth $433,000 after acquiring an additional 36 shares during the period. Brooklyn Investment Group grew its position in Public Storage by 3.4% in the 4th quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust's stock valued at $345,000 after buying an additional 38 shares during the last quarter. Werba Rubin Papier Wealth Management grew its position in Public Storage by 1.7% in the 4th quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust's stock valued at $681,000 after buying an additional 38 shares during the last quarter. TD Private Client Wealth LLC raised its position in Public Storage by 2.4% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,695 shares of the real estate investment trust's stock worth $617,000 after buying an additional 39 shares during the last quarter. Finally, Premier Path Wealth Partners LLC lifted its stake in shares of Public Storage by 3.4% in the 4th quarter. Premier Path Wealth Partners LLC now owns 1,221 shares of the real estate investment trust's stock worth $366,000 after acquiring an additional 40 shares during the period. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Price Performance

Shares of NYSE PSA traded up $6.78 on Thursday, hitting $295.81. The company's stock had a trading volume of 322,129 shares, compared to its average volume of 733,127. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $51.89 billion, a price-to-earnings ratio of 30.76, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The stock has a 50 day moving average of $296.27 and a 200-day moving average of $312.80.

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 paid a dividend of $3.00 per share. The ex-dividend date was Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.06%. Public Storage's dividend payout ratio is currently 112.89%.

Wall Street Analyst Weigh In

PSA has been the subject of several analyst reports. Royal Bank of Canada cut their price target on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and increased their target price for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Mizuho assumed coverage on Public Storage in a report on Wednesday, April 9th. They set a "neutral" rating and a $287.00 price objective on the stock. Barclays reissued an "overweight" rating and issued a $354.00 target price (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Finally, Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target for the company in a report on Thursday, April 10th. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $332.08.

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.