Wells Fargo & Company MN Increases Holdings in Public Storage (NYSE:PSA)

Wells Fargo & Company MN grew its stake in shares of Public Storage (NYSE:PSA - Free Report) by 1.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 368,831 shares of the real estate investment trust's stock after acquiring an additional 6,703 shares during the quarter. Wells Fargo & Company MN owned about 0.21% of Public Storage worth $110,443,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in PSA. Pitcairn Co. lifted its holdings in Public Storage by 9.6% in the fourth quarter. Pitcairn Co. now owns 1,130 shares of the real estate investment trust's stock valued at $338,000 after acquiring an additional 99 shares during the period. Allen Wealth Management LLC lifted its stake in shares of Public Storage by 7.9% in the 4th quarter. Allen Wealth Management LLC now owns 6,168 shares of the real estate investment trust's stock worth $1,847,000 after purchasing an additional 451 shares during the period. Huntington National Bank boosted its holdings in shares of Public Storage by 66.4% in the fourth quarter. Huntington National Bank now owns 1,073 shares of the real estate investment trust's stock worth $321,000 after buying an additional 428 shares during the last quarter. Geode Capital Management LLC grew its position in Public Storage by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust's stock valued at $1,197,769,000 after buying an additional 78,472 shares during the period. Finally, National Bank of Canada FI increased its holdings in Public Storage by 32.6% during the fourth quarter. National Bank of Canada FI now owns 110,760 shares of the real estate investment trust's stock valued at $33,167,000 after buying an additional 27,215 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

Public Storage Price Performance

Shares of Public Storage stock traded up $1.88 during trading on Friday, reaching $279.95. 1,035,590 shares of the stock traded hands, compared to its average volume of 734,257. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. 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 business has a fifty day simple moving average of $297.08 and a two-hundred day simple moving average of $313.61. The company has a market capitalization of $49.11 billion, a price-to-earnings ratio of 29.07, a P/E/G ratio of 4.91 and a beta of 0.76.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date was Thursday, March 13th. Public Storage's payout ratio is 112.89%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PSA. Royal Bank of Canada cut their price objective on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a research report on Wednesday, February 26th. Truist Financial raised 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. Scotiabank raised Public Storage from a "sector perform" rating to a "sector outperform" rating and decreased their price objective for the stock from $333.00 to $305.00 in a research note on Wednesday. Deutsche Bank Aktiengesellschaft raised shares of 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 report on Friday, January 10th. Finally, Wells Fargo & Company decreased their target price on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Six investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $332.08.

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.